Arafura Resources (ASX: ARU) has reported that one kilogram of Nolans rare earths mix has increased in value to US$98.86, representing a 14% increase since February 21.
The new prices for rare earths quoted by Metal Pages equate to about $2768 per tonne of in situ ore.
Prices continue to move higher on China's announcement on further reductions in rare earth export quotas in allocations for the first half of 2011.
Prices of all rare earths have increased in response to the new quotas, in particular cerium, neodymium and praseodymium oxides.
On February 14 Arafura said it will undertake a major drilling program at Nolans to upgrade resources as part of the Nolans Bore Bankable Feasibility Study.
The company is well positioned for project financing later this year and will shortly be in talks with potential customers in Korea, Japan, Europe and North America.