Ann: Arafura and Hyundai Motor Company sign non-binding MoU, page-50

The product on sale in the MoUs has changed dramatically in that time. Previously it was a basket of Mixed rare earth carbonate (not a commodity) it is now a refined Oxide (a commodity). This process of refining carbonate to oxide has been developed over that ten year period and renders previous MoU's redundant.
I think the carbonate vs oxide thing is important and gets glossed over by a lot of people in rare earth discussions. if you are refining to an oxide you can sell on the spot market because the product you have is a tradeable commodity. if all your doing is concentrating to a carbonate you cannot and therefore you need binding offtakes with details negotiated based on the contents of your basket. You also have a significantly reduced list of customers when selling a carbonate because the thing still needs to be refined to an oxide before its useful. Nearly all the other emerging rare earth players bury this information with the acronym MREC (mixed rare earth carbonate) and i can understand why. This is the difference with Aru and I am glad they put in the ten years of work to get here as it makes them significantly more valuable and more likely to fully realise the the complete value of their asset.