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http://www.proactiveinvestors.com.au/companies/news/11974/lynas-corporation-and-japan-sign-rare-earth-agreement-supply-30-of-annual-demand-11974.html

did this ever materialize??
Wednesday, November 24, 2010

Lynas Corporation and Japan sign rare earth agreement, supply 30% of annual demand
Wednesday, November 24, 2010 by Proactive Investors

Lynas Corporation and Japan sign rare earth agreement, supply 30% of annual demand

Lynas Corporation (ASX: LYC, OTC: LYSDY), which owns the richest known deposit of rare earths in the world at Mount Weld, near Laverton in Western Australia, is in advanced discussions regarding the additional supply of rare earths to Japan.

Japan Broadcasting Corporation reported that major Japanese trading house Sojitz Corporation (2768.T) has acquired the right to buy rare earth metals from Lynas Corporation. The deal will cover nearly 30 percent of the annual demand in Japan.

Sojitz has agreed to pay about $US300 million for the right to buy about 8,500 tonnes of rare earth metals annually from Lynas for 10 years.

Using a semi-government organisation for the purchase, the Japanese government will provide over half of the required funds, which will diversify the countries reliance on China which currently supplies virtually all imported rare earths.