Arafura secures extended offtake agreement with wind turbine maker
ASX-listed Arafura Rare Earths has announced an extended agreement with an offtaker to supply up to 500 t/y of neodymium and praseodymium oxide-equivalent.
The company has an existing agreement in place with a global wind turbine manufacturer, with the new agreement offering optionality to both parties while retaining appropriate offtake volumes to satisfy requirements.
The offtake agreement is valid for a period of five years with potential to extend up to eight years.
The pricing for the product is linked to an independent and transparent global seaborne index.
Arafura remains in offtake discussions with a number of parties.
The company made a final investment decision in May to develop the $1.6-billion Nolans project in Australia's Northern Territory. Commercial production is targeted for early-to-mid 2029.
