Hastings Technology Metals Limited of Australia announced on November 30 that it has signed an agreement with a limited liability company in Baotou. Hastings will start production activities for about two years to supply the latter with misch carbonate for the rare earth project.

The main conditions of the Underwriting Agreement are as follows:

A fixed 5-year agreement for 2,500 tonnes of carbonate purchases per year, with a gradual increase in supply flexibility for the first two years.

Independent sampling and analysis at the Fremantle port loading point prior to shipment.

The buyer provides the buyer with an irrevocable letter of credit issued by a member of the London Clearing House, payable on sight, to ensure that the annual purchase volume can be paid in full FOB.

All fees will be paid in USD immediately available funds.

All fees will be paid in USD immediately available funds.

The validity, formation and enforcement of the underwriting agreement shall be governed by the Laws of England and Wales and subject to the Singapore International Arbitration Centre Rules.

Charles Lew, executive chairman of Hastings, said: "This agreement represents another important step in the financing and development of rare earth projects so that we can supply high-grade neodymium and praseodymium (NdPr ).