Arafura Rare Earths Expands Neodymium-Praseodymium Oxide Offtake Agreement

MT Newswires Live07:49

Arafura Rare Earths (ASX:ARU) signed a binding five-year offtake agreement with a global raw materials trading company to supply up to 850 tonnes per annum of neodymium-praseodymium oxide, up from the previously disclosed 500 tonnes, according to a Monday filing with the Australian bourse.

The agreement also covers associated heavy rare earths, with prices tied to independent global seaborne indices and a mutual option to extend the deal by two years, per the filing.

The counterparty generates around $10 billion in annual revenue and operates more than 20 offices worldwide, while the company will only disclose offtake counterparties' identities when deemed material, the filing added.

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