Arafura Resources says independent analysis shows its rare earth project north of Alice Springs is commercially viable.

The study suggests there are enough rare earth deposits at the Nolan's Bore site for the operation of an open-cut mine for 22 years.

Chief executive Chris Tonkin says the study should boost the company's attempt to attract enough investment to start mining.

"They'd have to have the whole project assessed and in fact we have done all of this involving third parties and in our case it has actually cost us a fair bit of money but it is effectively a tick that the project is viable," he said.