Australia's Vital Metals climbs on offtake partner agreement

Vital Metals

22/04/2022 03:20

** Rare earth producer's shares  VML.AX  rise as much as
8.2% to A$0.073, highest since Sept. 3
    ** Company says its Norway-based offtake partner REEtec AS
has signed a purchase agreement with German auto parts supplier
Schaeffler AG  SHA_p.DE   urn:newsml:reuters.com:*:nFWN2WJ1T2
    ** Under agreement REEtec will supply rare metals for
magnets used in electric motors to Schaeffler
    ** VML says it has an agreement to sell REEtec 2,000 tonnes
of rare earth carbonate a year from 2023
    ** Vital Metals shares up 24.1% so far this year, as of last
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 (Reporting by Navya Mittal in Bengaluru)
 ((navya.mittal@thomsonreuters.com))