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Sojitz To Invest In Australian Rare-Earth Firm -Nikkei

DJ Sojitz To Invest In Australian Rare-Earth Firm -Nikkei


TOKYO (Nikkei)--Sojitz Corp. (2768.TO) and Japan Oil, Gas and Metals National Corp, or Jogmec, are in final negotiations to purchase an interest in Australian rare-earth miner Lynas Corp. (LYSDY) by March-end, The Nikkei reported early Saturday.

The investment will be made through a special-purpose company to be established by the major trading house and government-backed Jogmec, with their stake likely to amount to 2%.

Lynas plans to start operations at its Western Australia Mount Weld mine in the second half of 2011. Sojitz has already inked an agreement with the miner to buy up to 9,000 tons of rare-earth metals annually for 10 years, most of which will be distributed in Japan.

Sojitz will provide funds to Lynas for expanding the mine. Jogmec also plans to help with financial support. Their financial aid through investment and loans will likely total $250 million.

Dow Jones Newswires

December 31, 2010 12:31 ET (17:31 GMT)

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