Rarex signs MoU for supply phosphate products Shares up by 9.80%

RareX Limited (ASX: REE) has signed a binding Memorandum of Understanding (MoU) with Ord River District co-operative Ltd to advance commercial off-take as well as product development prospects for phosphate products from its Cummins Range Project in Western Australia.

As per the MoU parties agreed to discuss and negotiate the conditions of a binding off-take and distribution pact. At the same time, the parties will together progress a product roadmap for the phosphate products that will be produced from the Cummins Range Rare Earths and Phosphate Project.

Also, this MoU includes undertaking studies to assess the possibility to capture carbon credits as part of general R&D-based activities.

At AEDT 12:27 PM, REE shares are trading at AU$0.056, up 9.803% from the previous close.   

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