"The Memorandum of Understanding (MoU), which is non‐binding, establishes the strategic frame work to enter future binding agreements covering the following areas:
Offtake of total output of alternative products provides flexibility
32,000tpa contained rare earth in chemical concentrate, or;
34,000tpa contained rare earth in mineral concentrate
Rare earth pricing on commercial terms with “Arm’s length” methodology incorporating Asian Metal Chinese domestic prices
The parties agree to conclude a binding agreement on product offtake within 3 months from the mutual acceptance of the Kvanefjeld optimised flowsheet. The Kvanefjeld optimisation program is expected to be completed in Q1, 2019
Both parties to develop project finance strategy, inclusive of Shenghe taking an equity investment into the project as part of a joint venture
Development of project‐specific REE separation capacity outside China to directly supply growing international demand centres
Significant step toward the delivery of rare earth products to an international supply chain
Commenting on the agreement, Greenland Minerals’ Managing Director John Mair said;
This MoU represents an important milestone in the relationship between the Company and Shenghe."
Not the announcement we were looking for, but it's a start in the right direction!
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