Gina Rinehart-backed Arafura Rare Earths will turn its attention to a major equity raising after nailing down more than $1 billion in debt funding for a critical minerals project in the Northern Territory.

Arafura defied concerns about weak rare earth pricing to secure a $US775 million ($1.167 billion) package for the Nolans project, with backing from agencies in Canada, Germany and South Korea, and commercial lenders.