Brief: Mercuria Says REEtec Raises EUR 115 Million For Rare Earth Plant in Norway

Mercuria Holdings

08/11/2022 11:06

Nov 8 (Reuters) - MERCURIA:
    * REETEC HAS CLOSED FINANCING ROUND OF EUR 115 MILLION TO
BUILD
PLANT FOR SEPARATING RARE EARTHS IN HERØYA, NEAR PORSGRUNN IN
NORWAY
    * SAYS THROUGH THIS FINANCING ROUND, LKAB, AN INTERNATIONAL
MINING
AND MINERALS GROUP, WILL BECOME THE LARGEST SHAREHOLDER IN
REETEC
    * THE HERØYA PLANT IN NORWAY WILL PROCESS RARE EARTH
CARBONATES
PRODUCED BY VITAL METALS IN CANADA
    * REETEC’S FIRST PLANT FOR SEPARATING RARE EARTHS WILL
PROVIDE
ANNUAL PRODUCTION OF 720 TONS OF NEODYMIUM AND PRASEODYMIUM
OXIDE FROM SECOND HALF OF 2024
    * REETEC SECURED OFFTAKE FOR 80% OF NDPR FROM FIRST PLANT,
INCLUDING A 5-YEAR CONTRACT WITH THE GLOBAL AUTOMOTIVE SUPPLIER
SCHAEFFLER GROUP
    * SECOND PLANT IS PLANNED TO BE BUILT IN HERØYA IN 2026,
BASED ON
MATERIAL FROM VITAL METALS AND LKAB’S MINING OPERATIONS WHICH IS
EXPECTED TO BE AVAILABLE FROM 2027

Source : (https://bit.ly/3zW3trf)
Further company coverage:  7347.T 
 (Reporting by Brijesh Patel in Bengaluru)
 ((Reuters.Briefs@thomsonreuters.com;))