The two stages have different volumes and terms
Lindian Resources’ ASX announcement dated November 10 says its Singapore subsidiary has signed a binding term sheet with an unnamed rare-earth refining group for concentrate from Kangankunde in Malawi.
The detailed terms specify 10,000 dry metric tonnes over an initial one-year term starting in January 2027. Stage 2 covers 20,000 dry metric tonnes per year for five years. The 30,000-tonne headline therefore combines figures from different stages, rather than describing a single cumulative shipment.
Binding does not mean every delivery condition is complete
The terms still require full-form offtake and delivery purchase contracts, concentrate production, and third-party consents, waivers, licences and approvals. Stage 2 also depends on regulatory conditions, available agreed quotas and operational performance.
Lindian targets first production in December and the first container sea shipment from Nacala Port in January 2027. Those are company plans, not completed production or deliveries; the document supplies months rather than exact shipping days.
The 45,000-tonne allocation is not all new firm purchasing
A footnote says the stated 45,000-tonne annual Stage 2 allocation includes this new 20,000-tonne arrangement plus up to 25,000 tonnes covered by Iluka Resources’ existing right of first refusal. That distinction matters when assessing how much future volume is already committed under the new term sheet.
Pricing is linked to an Asian Metals Index mechanism rather than a disclosed fixed contract value. For ASX: LIN readers, the full terms and conditions below provide more detail than the headline tonnage alone; no future revenue or investment return is established here.
