By Reuters Staff2 Min ReadSlideshow ( 2 photographs )(Reuters) -Australia’s Arafura Rare Earths Ltd stated on Monday it had signed a binding provide cope with South Korea’s Hyundai Motor Co and its unit Kia Corp to provide as much as 1,500 tonnes of a rare-earth oxide per yr.Neodymium-Praseodymium (NdPr) oxide, a component used within the making of electrical motors for electrical automobiles, is prized by vehicle firms making the inexperienced vitality transition.Under the settlement, Arafura will provide contract portions of NdPr over seven years that might improve as much as 1,500 tonnes per yr from the fourth yr when its Nolans undertaking in Australia’s Northern Territory begins manufacturing, it stated in an announcement.Supply of the factor is presently anticipated to begin in 2025 topic to undertaking financing, development and commissioning of the undertaking.The Perth-based miner additionally signed an settlement to start talks for strategic funding with Hyundai and its associates, it stated.In July, Arafura signed a non-binding settlement to assist GE Renewable Energy construct a provide chain that it might want to manufacture offshore wind generators.Reporting by Archishma Iyer; modifying by Diane Craft and Paul SimaoOur Standards: The Thomson Reuters Trust Principles.