Australia’s Arafura inks rare-earth supply deal with Hyundai and Kia By Reuters

News


2/2

© Reuters. FILE PHOTO: An employee sits in front of the logo of Hyundai Motor Co. at its dealership in Seoul, South Korea, October 22, 2015. REUTERS/Kim Hong-Ji

2/2

(Reuters) -Australia’s Arafura Rare Earths Ltd said on Monday it had signed a binding supply deal with South Korea’s Hyundai Motor Co and its unit Kia Corp to supply up to 1,500 tonnes of a rare-earth oxide per year.

Neodymium-Praseodymium (NdPr) oxide, an element used in the making of electric motors for electric vehicles, is prized by automobile companies making the green energy transition.

Under the agreement, Arafura will supply contract quantities of NdPr over seven years that could increase up to 1,500 tonnes per year from the fourth year when its Nolans project in Australia’s Northern Territory begins production, it said in a statement.

Supply of the element is currently anticipated to commence in 2025 subject to project financing, construction and commissioning of the project.

The Perth-based miner also signed an agreement to begin talks for strategic investment with Hyundai and its affiliates, it said.

In July, Arafura signed a non-binding agreement to help GE Renewable Energy build a supply chain that it will need to manufacture offshore wind turbines.

Leave a Comment

Leading the way

Let's build a better world together

Project planning
Design expertise
Great qualifications

Nullam vestibulum finibus sapien, id consequat mauris tempus auctor.

Locations

90 Newport St., Natick, MA 01760

83 Taylor Street, Kings Mountain, NC 28086

22 Birch Hill St., Villa Rica, GA 30180

Support requests

support@construction.com

Nullam scelerisque leo felis, quis congue mauris tristique in. Suspendisse pulvinar, felis eu facilisis mattis, turpis odio luctus nisi, et ultrices velit enim quis lacus.

Request a quote

[Insert your contact form here]

Construction

Vivamus vehicula dictum elit at bibendum. Etiam finibus eros ut urna auctor ullamcorper. Sed at erat eget nisl rutrum ultrices sed eu ex.

Newsletter

Sign up to receive the latest news and trends from our company.

More questions? Get in touch