CANBERA (dpa-AFX) - Sojitz (XEB.F, 2768.T) and Australia's Lynas Rare Earths (LYC.AX) have signed a MOU via Japan Australia Rare Earth to begin discussions for mineral exploration and new development of rare earths mines. The companies have agreed to expand the current product range and volume of medium and heavy rare earths supplied to Japan.
Based on a revised long-term supply contract with Japan Australia Rare Earth, Lynas will supply 75% of its medium and heavy earths production to Japan. Also, Japan Australia Rare Earth and Lynas have signed the MOU to establish a steering committee for mineral exploration and new development of rare earth mines.
Sojitz is currently trading at 6,256 yen, up 0.90%.
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