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Second Offtake MOU Agreement Signed with China Rare Earth Holdings
Sep. 01, 2017 08:36AM PST
Rare Earth InvestingHastings Technology Metals (ASX:HAS) (Hastings or the Company) is pleased to advise that it has signed its second Memorandum of Understanding (MOU) with China Rare Earth Holdings Limited (CREH). Under the MOU the parties have outlined their intent to enter into a binding commercial offtake agreement for the sale by Hastings and purchase by CREH …
Hastings Technology Metals (ASX:HAS) (Hastings or the Company) is pleased to advise that it has signed its second Memorandum of Understanding (MOU) with China Rare Earth Holdings Limited (CREH).
Under the MOU the parties have outlined their intent to enter into a binding commercial offtake agreement for the sale by Hastings and purchase by CREH of Mixed Rare Earth Carbonate (“MREC”), which will be produced from Yangibana, Western Australia. The framework for the commercial offtake agreement is set out in the MOU, and the final terms and conditions will be formalised in a contract.
The Parties have undertaken to negotiate in good faith to reach agreement for a commercial offtake contract within 12 months from the date of the MOU. Pricing for the MREC will be based on a formula taking into account prevailing market prices prior to shipment.
Charles Lew, Hastings Executive Chairman, said:
“This second MOU for an offtake agreement with CREH is further confirmation of the confidence of potential customers in Hastings’ ability to deliver an MREC to the required specifications in accordance with its planned production timeline.”