Lindian Signs Binding Monazite Offtake Term Sheet

Lindian has signed a binding offtake term sheet with an unnamed major rare earths refining group for Monazite Concentrate from its Kangankunde Rare Earths Project, ahead of first production it expects in December.

The term sheet, signed by Singapore subsidiary Lindian Global Rare Earths Pte. Ltd, covers Stage 1 volumes of 10,000dmt over an initial one-year term from January 2027 and Stage 2 volumes of 20,000dmt per annum over a five-year period. First container sea freight from Nacala Port is planned for January 2027, with monthly deliveries of 850dmt. Pricing is linked to the Asian Metals Index, modified by a payability factor, with freight and insurance included, and covers 10 rare earth elements. Payment is to be settled in full by bank letter of credit issued before shipment. The specification is an average of 54% TREO concentrate, with a 52% minimum. Lindian says its Stage 2 allocation now sits at 45,000dmt, comprising the 20,000dmt per annum under this term sheet and up to 25,000dmt per annum covered by Iluka Resources' right of first refusal.

The buyer is not named. Conditions precedent include a full-form Offtake Agreement, production at Kangankunde and third-party approvals, and Stage 2 is subject to regulatory conditions, quotas and operational performance. The release describes Stage 1 as both 10,000dmt per annum and 10,000dmt over a one-year term, and cites both 55% and 54% TREO grades.