Lynas one step closer to supplying rare earths to US War Department
Australia-listed rare earths producer Lynas Rare Earths has signed a binding letter of intent with the US Department of War to establish a rare earth oxide supply agreement aimed at strengthening the US defence supply chain.
The agreement, signed through subsidiary Lynas USA, will see about $96-million allocated by the US government for the purchase of light and heavy rare earth oxide products from Lynas over a four-year period.
The proposed supply arrangement includes a floor price of $110/kg for neodymium-praseodymium (NdPr) oxide.
“Through this agreement, the US defence industrial base will continue to have access to light and heavy rare earth oxides that are essential for modern manufacturing,” said CEO Amanda Lacaze.
The new arrangement follows a mutual decision to modify an earlier agreement between Lynas and the US government amid uncertainty over the planned construction of a heavy rare earth processing facility in Seadrift, Texas.
Lynas said discussions with the US government remain ongoing regarding additional supply arrangements, including the potential supply of further heavy rare earth oxides.
Last week, Lynas agreed an offtake with Japan Australia Rare Earths, which negotiates on behalf of Japanese companies, for at least 5 000 t/y of NdPr oxide until 2038, also at a floor price of $110/kg.
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