Arafura Resources (ASX:ARU) has signed a Memorandum of Understanding (MOU) with South Korea’s OCI Company to establish a joint venture for a rare earth separation plant in South Korea.
As quoted in the press release:
Korea Exchange-listed OCI is headquartered in Seoul, South Korea, with large domestic and international operations in the USA, China and Europe. It has an extensive product portfolio for the manufacture and sale of inorganic, petro and coal chemicals, fine chemicals and renewable energy. OCI’s core business is chemical manufacturing but has pursued an innovation strategy to expand its operations to become a leading global green energy and chemical company.
As highlighted in the Company’s Quarterly Activities Report (ASX: ARU 27/07/15) Arafura initially entered into a Letter of Intent (“LOI”) with OCI in June 2015. In the subsequent months OCI and Arafura have collaborated to examine the strategic benefits for both parties through the establishment of a JV RE Separation Plant. This process has identified considerable opportunities for both parties leading to the completion of a more formal MOU. Whilst non-binding, both companies acknowledge the significant synergies in the approach outlined in the MOU.
Arafura managing director Gavin Lockyer said:
We are extremely pleased to have OCI as a potential joint venture partner in the Nolans Rare Earth Separation Plant. OCI’s expertise in chemical manufacturing coupled with the location of an existing plant in a chemical precinct, plus its inclusion in the Saemangeum Free Economic Zone, de-risks a key aspect of the Nolans development.
Analysts say American Lithium‘s (TSXV: LI; NASDAQ: AMLI) Tonopah project in Nevada could run at world-beating costs based on a new study including the sale of by-product magnesium. The operating cost of the Tonopah Lithium Claims (TLC) project, about 340 km no … Read More
Concern is growing over the federal government’s seeming inability to leverage Canada’s vast natural resource endowment as it navigates the uncertain global geopolitical and economic landscape, an industry event in Vancouver heard this week. Besides examining … Read More
Copper price retreated on Wednesday as weak demand offsetted speculative bets that the end of covid Zero will reignite growth. Copper for delivery in March fell on the Comex market in New York, touching $4.11 per pound ($9,042 per tonne), down 2.7% compared … Read More
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional
Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes.The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.