Lynas customer contracts total over US$310m

29 September 2007 | 04:24 Code : 15433 Geoscience events
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Lynas Corporation has signed its third supply contract with a significant Rare Earths....

Lynas Corporation has signed its third supply contract with a significant Rare Earths customer for the supply of Mt Weld Rare Earths to be produced from the company’s Malaysian processing plant.The contract is a long-term, multiple year contract with a value at current prices of approximately US$20m over the period of the contract.The products from the 5,000 tonne per annum Phase I final separation and product finishing plant in Malaysia are now sold out. This contract covers additional volume to be produced from the planned Phase II expansion of the Malaysian processing plantThe pricing of the contract reflects the value of surety of supply from a reliable, fully integrated source of supply from mine through to customer.Lynas’ Executive Chairman, Nicholas Curtis said he believes the signing of the contract to be another key milestone for the company and the Rare Earths project.“This contract takes sales over US$310m, completes sales from the Phase I Malaysian final separation and product finishing plant, and includes sales from the Phase II expansion,” Mr Curtis said.“The company will now move to secure contracts for the remaining Phase I mixed LCPN and SEG material and the remaining Phase II separated products,” he said.

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