The materials distribution unit of Germany’s thyssenkrupp group has further expanded its sales activities for rare earths, signing an offtake agreement with new Australian company Hastings Technology Metal.

The agreement gives thyssenkrupp Materials Services exclusive marketing rights to up to 70,000 tonnes of rare earth carbonate for a period of 10 years, Kallanish is told.

This includes in particular the highly sought-after magnetic metals neodymium and praseodymium, the company notes.

In the first five years of planned production from the end of 2023, Hastings will supply around 9,000 t of rare earth carbonate per year to tk Materials Trading. In the second half of the contract term, the volume will be around 5,000 t/y.

"This offtake contract with a leading global player is demonstrating the commercial and technical strengths of the Yangibana rare earths project, primarily its high NdPr," says Hastings ceo Charles Lew.