The company announced it will defer completing the facility's rare earth hydrometallurgical leaching, purification and rare earth precipitation circuits until 2024.
The goal of a mineral supply agreement is that countries that have limited access to the raw materials needed to transition to a green economy are not left behind.
Hancock Prospecting took around half of a A$121 million placement by Arafura last week aimed at raising capital to develop the Nolans rare earths project.