Vital inks offtake agreement
PERTH (miningweekly.com) – ASX-listed Vital Metals has signed a definitive offtake agreement with REEtec to supply 1 000 t/y of rare earth oxide for a period of five years.
Under the terms of the agreement, both parties would have the option to increase the offtake volume by up to 5 000 t/y over ten years.
“The signing of the definitive offtake agreement is a major milestone for Vital and our commitment to provide a secure supply of rare earth feedstock to the rare earth supply chain,” said MD Geoff Atkins on Tuesday.
“The signing of this agreement will enable REEtec and Vital to work together to supply separated rare earth oxides, which are competitive to products produced anywhere else in the world into the electric vehicle and wind turbine markets.”
Atkins said that the agreed pricing structure for the offtake agreement would allow both parties to share market development and risks, incentivizing each party to minimise the total production costs of separated rare earth oxide products, and providing the benefits of a fully integrated supply chain while maintaining the benefits of focusing on core skills and specialisations.
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