Lynas Rare Earths climbs as Japan offtake agreement extended to 2038 [Yahoo! Finance]
LYNAS RARE EARTHS S/ADR (LYSDY)
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Source: Yahoo! Finance
Lynas Rare Earths Ltd (ASX:LYC, OTC:LYSCF) surged at the open after extending its long-term supply agreement with Japan Australia Rare Earths (JARE) to 2038, securing offtake for key rare earth materials used in Japan. Shares in the miner rose 11.5% in early trade, making Lynas the strongest performer on the S&P/ASX 200 and recouping losses from the past week following conflict in Iran. Under the revised agreement, JARE will purchase 5000 tonnes per annum of neodymium-praseodymium (NdPr) from Lynas at a market-linked floor price of US$110 per kilogram. Lynas will make up to 7200 tonnes per annum of NdPr available to Japanese customers, with any additional sales subject to agreement and structured so there is no opportunity loss to the company. The deal also covers heavy rare earth oxides, with 75% of Lynas' production to be made available to Japan, while JARE has committed to purchase the equivalent of 50% of output. An upside-sharing mechanism will apply when NdPr prices e
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