** Shares of Arafura Rare Earths ARU.AX rise 21.7% to A$0.14, their highest level since Nov. 6

** The rare earths miner says it received A$200 million ($123.76 million) funding investment from the National Reconstruction Fund Corporation

** Adds funding is to support the development of co's Nolans project

** 9.8 mln shares change hands vs the 30-day average of 4.2 mln

** Stock rose as much as 30.4% earlier in the day, marking its biggest intraday gain since March 14

** Stock up 23.9% this year, including current session's move, vs a 0.3% increase in the ASX 200 index .AXJO

($1 = 1.6160 Australian dollars)

(Reporting by Rajasik Mukherjee in Bengaluru)

((Rajasik.Mukherjee@thomsonreuters.com))