The largest rare earths producer outside China has struck a supply deal with Japan at the same minimum price that Washington last year guaranteed a US supplier, as countries seek to avert a supply crunch after Beijing restricted exports of the key materials.
Australian mining group Lynas Rare Earths said Japan would pay a “floor price” of $110 per kg for much of its output over the next 12 years of the “light” rare earth alloy neodymium-praseodymium, and that it would also earmark for Japan much of its output of “heavy” rare earths.
The minimum price is the same as the US government last year guaranteed Nevada-based miner MP Materials in a supply deal for NdPr, one of the more commonly used rare earth materials.
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