Rare earths producer Lynas secures A$200M from Japanese govt Rareearths
- Rare earths producer Lynas today announced the signing of new agreements with Japan Australia Rare Earths B.V. , pursuant to which JARE will provide a contribution of A$200 million.
The company said that JARE is a special purpose company established by Japan Organization for Metals and Energy Security and Sojitz Corporation. Lynas and JARE are parties to a long term senior loan facility. "JARE's contribution will support Lynas' ambitious growth agenda, and may include current and planned projects designed to increase production of light rare earth and heavy rare earth materials. As market demand increases, this funding will assist Lynas to meet its objective to grow with the market," it added.
"JARE has been a valued and strategic partner to Lynas since 2011 and we welcome these new agreements which better reflect demand forecasts from the Japanese rare earths market. We also thank JARE for agreeing to forgo the historic interest payment of US$11.5 million from 2016."
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