Vital Metals signs rare earth offtake agreement with REEtec
2020-12-21 12:56:17 [Print]
Australia's Vital Metals has signed a five-year offtake and profit-sharing agreement with REEtec AS for the sale of its rare earth oxide (REO) product.
The REO product will come from Vital Metals' Nechalacho mine in Canada's northwest territories, which hosts a resource of 94.7 million tonnes at 1.46 per cent REO.
Under the agreement, Vital Metals has agreed to hand over 1,000 tonnes of REO per annum to REEtec. The binding term sheet signed by both companies also includes an option to increase offtake volumes up to 5,000 tonnes REO per annum over 10 years.
REEtec AS has developed a proprietary and sustainable process for the manufacture of rare earth elements.
The definitive agreement is set to be executed on or before January 31, 2021, unless extended.
The REO product will come from Vital Metals' Nechalacho mine in Canada's northwest territories, which hosts a resource of 94.7 million tonnes at 1.46 per cent REO.
Under the agreement, Vital Metals has agreed to hand over 1,000 tonnes of REO per annum to REEtec. The binding term sheet signed by both companies also includes an option to increase offtake volumes up to 5,000 tonnes REO per annum over 10 years.
REEtec AS has developed a proprietary and sustainable process for the manufacture of rare earth elements.
The definitive agreement is set to be executed on or before January 31, 2021, unless extended.
