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Old 11-09-2010, 08:44 AM
Sparty Sparty is offline
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Default Lynas signs another off-take agreement

Lynas' Executive Chairman, Nicholas Curtis, believes that the signing of the contract is another key milestone for the company and the Rare Earths project: Lynas is extremely pleased to continue to sign contracts with important customers in the Rare Earths industry. "Lynas is able to provide support to the market with production in 2011, and being the first new Rare Earths project into production outside China gives Lynas a significant advantage in developing close relationships with the market consumers. With six signed contracts and two letter of intent already in place the company anticipates further contract announcements over coming months", Mr Curtis said.

The company continues to be actively engaged with potential customers in Europe, Japan and the USA.

The contract shall be for product supplied from the 11,000 tonnes REO per annum Phase 1 of the LAMP, which is on schedule for first feed of Rare Earths concentrate into the LAMP in the third quarter of 2011. The contract also has provision for the supply of products from the Phase 2 expansion of the LAMP. The contract price is related to the China FOB market price for the product at the time of delivery plus delivery costs from FOB Kuantan to port of delivery. The contract price reflects the surety of supply Mount Weld Rare Earths and the LAMP are bringing to the market by being located outside of China. The contract has an evergreen clause, allowing the contract to extend upon mutual agreement.

About Lynas Corporation

Lynas owns the richest known deposit of Rare Earths, also known as Lanthanides, in the world at Mount Weld, near Laverton in Western Australia. This deposit underpins Lynas' strategy to create a reliable, fully integrated source of Rare Earths supply from the mine through to customers in the global Rare Earths industry. Lynas will concentrate the ore mined at Mount Weld in a Concentration Plant approximately 1.5km from the mine. The concentrate produced by the Concentration Plant will be shipped in sea containers and transported by road and ship to the east coast of Malaysia to the Lynas Advanced Materials Plant (LAMP) within the Gebeng Industrial Estate, Kuantan, Pahang, Malaysia, to process the Mount Weld concentrate through to separated Rare Earths products

 

Disclaimer: The author of this post, may or may not be a shareholder of any of the companies mentioned in this column. No company mentioned has sponsored or paid for this content. Comments on this forum should never be taken as investment advice.

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