Nov 7 (Reuters) - Australia's Arafura Rare Earths Ltd (ARU) said on Monday it signed a binding supply deal with South Korea's Hyundai Motor Co 005380.KS and its unit Kia Corp 000270.KS to supply 1,500 tonnes of a rare-earth oxide per year.
The neodymium-praseodymium (NdPr) oxide, which Arafura will supply from its Nolans Project in Northern Territory, is used for production of electric motors in electric vehicles.
News: ARU Australia's Arafura Rare Earths inks supply deal with Hyundai and Kia
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