Australia's Lynas in funding arrangement with Japan's Sojitz

Wed Mar 30, 2011 5:52am GMT
 

SYDNEY, March 30 (Reuters) - Australian rare earth producer Lynas said on Wednesday it has entered into a $325 million financing arrangement with Japan's Sojitz Corp to accelerate expansion.

Under the agreement Lynas will allocate a minimum of 8,500 tonnes a year of rare earth to the Japanese market for ten years. Sojitz will also buy shares worth $25 million in Lynas for A$2.12 each, it said. (Reporting by Narayanan Somasundaram; Editing by Ed Davies)

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