The US government has agreed to buy almost $140 million worth of critical minerals from Lynas Rare Earths, reinforcing the White House’s push to secure non-Chinese sources of the elements widely used in the defence industry.
Under a binding letter of intent, the US Defence Department will buy light and heavy rare earth oxides over four years with a floor price of $US110 ($154) per kilogram, in line with a similar agreement the Perth-based miner struck with a key Japanese customer last week.
