https://lkab.com/en/press/lkab-becomes-largest-owner-in-reetec-as...

https://lkab.com/en/press/lkab-becomes-largest-owner-in-reetec-as-builds-a-strong-nordic-industry-for-rare-earth-elements/

LKAB, a Swedish govt owned entity which produces 80% of Europes iron ore, announced their investment in REEtec on Nov 8th 2022. They are now the principle owner of REEtec. LKAB have been in business since 1890 and employ 4,500 persons, they are wholly owned by the Swedish State and split into two divisions, Iron Ore and Specialty Products. In addition, Norwegian state-owned Nysnø Klimainvesteringer, Mercuria and TechMet are also new shareholders of REEtec. The former principal owner, Scatec Innovation AS, which specialises in developing and running companies involved in renewable energy and the green transition, retains a major shareholding and continues to be active in the operation of the company. LKAB's full news release on their company website to announce the acquisition of REEtec is attached. In particular take note of the key points detailed under the heading:
About REEtec and its Unique Process.
- The first factory for separation rare earth elements in Herøya will produce some 720 tonnes of the rare earth elements neodymium and praseodymium, corresponding to 5 percent of Europe’s demand.
- Production start planned for 2024.
- Raw material to supply the first factory will come from Vital Metals in Canada and there is an agreement with Vital Metals that will allow for a tripling in volumes.
- REEtec has sold 80 percent of the planned production via, among other agreements, a five-year contract with a global supplier to the vehicle industry, Schaeffler Group.
- The separation technology has been developed since 2008 in stages, from laboratory scale to pilot scale, finally resulting in a demonstrator plant.

An organisation the size of LKAB would be both competent and thorough on their due diligence. This press release was made only two days ago. They must have full confidence in VML's ability to deliver!