On January 11, 2022, JAXT Rare Earth Materials Technology Corporation announced that the company signed a long-term supply agreement with GZKL Rare Earth Materials Corporation, an authorized purchaser of Apple Inc. in the United States, and will provide GZKL with 100% recycled material production within the next 12 months. It is a neodymium praseodymium oxide product designated and certified by Apple Inc. in the United States.
According to the agreement, GZKL's monthly order quantity is 50 tons of praseodymium and neodymium oxide products, and the specific transaction price will be subject to the future spot price. The company said the agreement was signed to lock in JAXT's future long-term supply of rare earth oxides.
As the main raw material of NdFeB permanent magnets, NdPrO has been driven by the demand of downstream industries such as new energy vehicles, wind power generation, and consumer electronics in recent years, and the price has continued to rise.
It is worth mentioning that Apple has additional special requirements for JAXT products. According to the "General Development and Supply Agreement" signed by both parties, the goods provided by JAXT shall consist only of renewable materials, and the renewable materials shall be processed by a recycling service provider designated or approved by Apple. As a leading enterprise specializing in the comprehensive utilization of rare earth waste, JAXT mainly produces high-purity rare earth oxides from recycled materials such as NdFeB waste and phosphor waste, which coincides with the aforementioned requirements.
Since October 2019, JAXT has started preliminary cooperation and communication with Apple, and has successively passed the verification, audit and evaluation of product performance, environmental protection, safety, social responsibility, etc., and has now obtained the supplier qualification.