1 February 2021
Vital Metals Limited is pleased to announce that it has entered into a definitive Offtake Agreement with REEtec AS, the material terms of which were announced on 21 December 2020.
Highlights
•Definitive Offtake Agreement Signed with REEtec for the supply of 1,000t REO (ex-Cerium)/yr. for a period of 5 years
•The agreement ensures Vital and REEtec will work together to minimise the cost of production of separated rare earth oxides
•Allows both parties to benefit from market developments through a profit-sharing arrangement
•Commencement of offtake will contribute towards a robust and sustainable supply chain for rare earths to wind turbines, electric vehicles, consumer electronics and a range of other products.
Vital Metal’s Managing Director, Geoff Atkins commented: “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. 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.”
REEtec’s CEO, Sigve Sporstøl commented: “Through this agreement with Vital Metals, REEtec is taking further steps to secure access to rare earth feedstock and thereby strengthening our ability to offer competitively priced magnetic materials to our customers.”