Arafura Resources has named deputy chairman and founding director Ian Kowalick to replace Ian Laurance as non-executive chairman of the aspiring rare earths miner.

Mr Kowalick will begin in the position early next year, with non-executive director Chris Tonkin acting in the role in the interim.

Mr Laurance will remain on the board as a non-executive director.

Arafura's managing director and chief executive Dr Steve Ward said the changes were consistent with the board refresh program announced by the company in July.

Arafura is working on a bankable feasibility study for its Nolans Bore rare earths project in the Northern Territory.

The company plans to transport its product by train to a proposed processing plant in Whyalla in South Australia ahead of exporting.

Arafura is targeting project financing by the end of next year.