Lynas Rare Earths has signed a memorandum of understanding (MOU) with MB (Menteri Besar), an investment agency of the Kelantan state government in Malaysia, to secure more raw materials for its modern materials plant in the country. MB is currently focusing on the development of ion-adsorption rare earth ore in Kelantan, where Lynas' beneficiation plant is also located. According to the MOU, Lynas and MB will collaborate to consolidate and promote the development of the rare earth industry in Kelantan. It also provides a framework for the parties to negotiate a final agreement, under which MB will supply Lynas' modern materials plant in Kuantan with mixed rare earth carbonate raw materials once MB's project commences production. The MOU is non-binding and remains subject to the outcome of negotiations for a final agreement.