Molycorp signs offtake deal with Sumitomo
Dec 10, 2010 | 10:52 AM
Molycorp Inc. has signed a new rare earths offtake and financing agreement with Japan's Sumitomo Corp. that will help fund construction at its domestic mine.
The initial agreement arranged for Molycorp to provide 2,500 tonnes of cerium- and lanthanum-based products and 250 tonnes of didymium oxide, a combination of neodymium and praseodymium, annually.
Once Molycorp's new processing facility is online, the company will provide Sumitomo with 3,000 tonnes of the cerium and lanthanum products for at least five years and maintain its annual obligation for 250 tonnes of didymium oxide. ....
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