Australia's Vital Metals up on raising rare earths supply volume to REEtec

Vital Metals

18/10/2021 04:58

** Shares of rare earths producer  VML.AX  gain as much as
7.8% at A$0.063 - set for biggest intraday pct gain since Aug.
23
    ** VML amends off-take agreement with Norway-based rare
earths firm REEtec AS to increase supply volume of rare earth
carbonate product sold by 50% (https://bit.ly/3lOccF5)
    ** VML to sell minimum 750 tonnes of neodymium/praseodymium
(NdPr) - a magnetic rare earth alloy - per year for five years
    ** Amended agreement extends VML's product sales to REEtec
to 2028
    ** Co says new agreement would provide option for an
additional expanded 10-year agreement 
    ** More than 31 mln shares have changed hands, vs the 30-day
average of ~13 mln shares 
    ** Stock up 81.25% so far this year, as of last close 
    



 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com))