Australian Rare Earths climbs on offtake MoU with Canadian firm

Neo Performance Materials

17/10/2022 01:58

** Shares of Australian Rare Earths Ltd  AR3.AX  jump as
much as 17.7% to A$0.365, on track for their best day since July
4, if gains hold
    ** Mineral explorer signs Memorandum of Understanding (MoU)
with Canada-based manufacturer of industrial materials Neo
Performance Materials Inc  NEO.TO  
    ** Says MoU is for negotiation of offtake agreement where
Neo may purchase 50% of Koppamurra rare earth project's mixed
rare earth carbonate product capacity from initial module
 urn:newsml:reuters.com:*:nASX6tjrFC
    ** Stock hits highest since Sept. 28
    ** Stock has fallen 63.5% this year, as of last close
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))