Vital Metals signs rare earth oxide offtake with 'game-changing process manufacturer'
REEtec and Vital Metals (ASX: VML) announced Tuesday that the two signed a five-year offtake agreement.
Under the agreement, Vital Metals has agreed to hand over 1000 tonnes of cerium depleted rare earth oxide (REO) per year to REEtec. The agreement also includes an option to increase offtake volumes up to 5000 tonnes REO per annum over ten years.
REEtec is a Norweigian based technology company that said it has "...developed a completely new and game-changing process for manufacturing of high purity rare earth elements (REE)."
The company said it has proven the technology through a successful operation of a pilot unit, and has now completed an industrial scale demo-plant, which is up and running at Herøya Industrial Park close to Porsgrunn, Norway.
Vital Metals is advancing its rare earth Nechalacho project in Canada's Northwest Territories. The project hosts 94.7Mt at 1.46% rare earth oxide (measured, indicated and inferred).