Lynas Corporation Limited
(ASX:LYC) has signed an agreement to sell rare earths to German chemicals giant BASF.
The long-term agreement means Lynas is a step closer to selling out the first tranches of supply from its Malaysian processing plant.
It said it will supply BASF with enough lanthanum to meet much of its long-term needs, and sales of the rare earths metal will be linked to market prices.
BASF uses lanthanum when making catalysts for oil refineries and chemical plants.
In the first half of its 2011 financial year, Lynas Corporation reported a net loss of $20.5 million.
