Rare earths explorer Lynas Corporation Ltd
(ASX:LYC) has signed a new supply agreement with a major Japanese Rare Earths consumer.
The deal is for the supply of Mount Weld Rare Earths to be produced at the Lynas Advanced Materials Plant in Malaysia.
Executive chairman Nicholas Curtis says Lynas is expecting further contract announcements over the next months.
Adding, that with customer interest increasing since the export quota reduction announced mid-year, Lynas is now able to provide support to the market with production in 2011.
Mt Weld is in Western Australia and Lynas says it has the richest known deposit of rare earths in the world.
Lynas Corporation booked a loss of $43 million in the year to 30 June 2010.
