Lindian Signs Binding Monazite Offtake Term Sheet
Lindian Global Rare Earths executed a binding term sheet for 30,000 dmt of Monazite Concentrate from its Kangankunde project with a major rare earths refining group.
Updated on Nov. 10, 2026 in Manufacturing
Lindian Global Rare Earths Pte. Ltd., a Singapore subsidiary of Lindian Resources Limited, executed a binding Offtake Term Sheet for 30,000 dmt of Monazite Concentrate. The volume covers 10,000 dmt per annum for Stage 1 and 20,000 dmt per annum for Stage 2, with Stage 1 capacity now fully allocated.
Why it matters
The agreement secures buyers for most of the Kangankunde project's planned output before production begins, reducing offtake risk for the project. It also reflects continued interest from refiners and permanent magnet manufacturers in rare earth feedstock outside traditional supply chains.
The binding offtake covers 30,000 dmt of Monazite Concentrate graded at 55% Total Rare Earth Oxide with low uranium and thorium levels. Stage 2 allocations across offtakes total 45,000 dmt, though the company has not disclosed how those volumes will be split among partners.
The players
Lindian Resources Limited
An Australian-listed rare earths exploration and development company that owns the Kangankunde Rare Earths Project in Malawi and the SARECO MREC facility.
Iluka Resources
An Australian mineral sands and rare earths producer that has signed an offtake agreement with Lindian for Monazite Concentrate.
Carester
A French rare earths processing company that has signed an offtake agreement with Lindian for Monazite Concentrate.
The details
Lindian has offtake agreements with Iluka Resources in Australia and Carester in France, and is working with governments in Malawi and Kazakhstan on further offtakes. The Monazite Concentrate comes from the Kangankunde Rare Earths Project, with pricing linked to the market and inclusive of freight and insurance.
Timeline
November 10, 2026: Lindian announced the binding offtake term sheet.
December 2026: First production at Kangankunde is expected.
January 2027: First container sea freight is scheduled to leave Nacala Port, with monthly deliveries to follow.
Market Landscape
Western buyers have been seeking rare earth feedstock outside China-dominated refining chains, and Lindian's Kangankunde project is positioned to supply that demand. The agreement places Lindian among a small group of developers securing offtake commitments ahead of first production.
For manufacturers that rely on neodymium, praseodymium, dysprosium and terbium, the deal signals that additional non-Chinese rare earth feedstock may become available from 2027. Buyers of permanent magnets and related components should watch whether Kangankunde volumes arrive on the announced schedule.
The takeaway
Offtake commitments made before production are an early signal of whether a rare earths project can find buyers. Readers tracking supply diversification should monitor whether first shipments from Nacala Port arrive in January 2027.
What happens next
First container sea freight from Nacala Port is scheduled for January 2027, followed by monthly Kangankunde Monazite Concentrate deliveries. Lindian also plans to select offtake partners for its SARECO MREC product.
Further reading
For more on how mineral feedstock flows into industrial production, see Manufacturing coverage.
More information
Read the full Lindian full ASX announcement for the complete term sheet details.
