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Park Chan Young of Hyundai and Gavin Lockyer.

Perth-based Arafura Rare Earths has signed a binding offtake agreement with Hyundai Motor Company and Kia Corporation to supply NdPr (neodymium and praseodymium in the form of NdPr oxide or NdPr metal at the buyer’s election).

The rare earths will come from the Nolans Project in the Northern Territory over a seven-year term, and will increase to up to 1500 tonnes per annum of NdPr oxide or its equivalent in NdPr metal when the project achieves nameplate production capacity.

Supply of NdPr is currently anticipated to commence in calendar year 2025 subject to project financing, completion of construction and development and commissioning of the project.

Arafura managing director, Gavin Lockyer, said the company was delighted to have concluded negotiations to execute its first binding offtake agreement.

“This establishes the foundation for a long-term partnership, and we are proud to have committed to supplying NdPr to Hyundai and Kia,” he said.