Hastings Technology Metals Limited announced that it has executed a binding offtake contract with thyssenkrupp Materials Trading GmbH (TK), for high-grade mixed rare earth carbonate (MREC) from the Company's Yangibana Rare Earths Project (Yangibana) in the Gascoyne region of Western Australia. TK is a well-established and internationally recognised German raw materials trading business with offices in 16 countries and core capabilities in materials trading that embrace complex logistic services for raw and finished materials along with supply chain knowledge and dependability. thyssenkrupp Materials Services, the holding company of TK, is the biggest mill-independent materials distributor and service provider in the western worldwith operations in more than 480 locations in nearly 40 countries. The contract with TK requires Hastings to supply 9,000 tonnes per annum of MREC (equivalent to 60% of Yangibana's annual production) for the first five years; and for the subsequent five years, 5,000 tonnes per annum of MREC (equivalent to 33% of annual production) from its rare earth mine and processing facilities. Over a 10- year period, total MREC volume committed by TK amounts to 70,000 tonnes. Pricing for the MREC is referenced to Asian Metals average 90-days Ex Works price or at an agreed price between the parties. In view of TK's global footprint for raw materials trading, the contract with Hastings grants TK the exclusive rights to market and distribute the Company's MREC on a worldwide basis under this offtake contract with the exception for certain excluded customers that Hastings has established relationships. In the event that Hastings pursues downstream processing opportunities for its MREC to produce rare earth oxides (REO), the contract provides for the flexibility for TK to accept Hastings' REO product. The offtake contract with TK is a major milestone for Hastings' to supply its MREC under long-term offtake arrangements with highly respected customers in Europe and Asia whilst preserving Hastings' ability to also supply uncommitted volume into the spot market.