Lynas Corporation Ltd
(ASX:LYC) has announced that it has scored a new customer contract with a European rare earths consumer.
The long term supply agreement will see Lynas deliver Mount Weld rare earths to be produced at the Lynas Advanced Materials Plant in Malaysia.
While Lynas has not disclosed the customer’s name, nor the amount of ore which is to be sold as part of the deal, it has advised that the contract has an evergreen clause that allows it to be extended upon mutual agreement.
Executive chairman Nicholas Curtis says with six signed contracts and two letters of intent already in place, the company anticipates further contract announcements over coming months.
Adding, that Lynas continues to be engaged with potential customers in Europe, Japan and the US.
The news was well received by investors, with Lynas closing 6.33% up at $1.26 on Monday.
Lynas Corporation slipped further into the red in fiscal 2010, reporting a loss of $43 million.
