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MP Materials ( NYSE: MP ) said Tuesday it signed an agreement under which Sumitomo will become the exclusive distributor of NdPr oxide produced by MP to customers in Japan.
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The companies will also collaborate on the supply of rare earth metals and other products, in a push to "diversify and strengthen rare earth supplies" in Japan.
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"SC and MP Materials will leverage mutual strengths to contribute to the stable procurement of rare earth materials in Japan and support efforts to decarbonize society," the companies said in a joint statement.
For further details see:
MP Materials, Sumitomo forge rare earth supply deal in Japan