PERTH: Hastings Technology Metals has entered a binding agreement with Wyloo Consolidated Investments Pty Ltd. to sell a 60% stake in the Yangibana Rare Earths and Niobium Project, forming a 60:40 unincorporated joint venture (UJV). The deal, announced Friday, aims to accelerate development of the Western Australia-based project while reducing financial risks for Hastings.
Key Details:
– Transaction Terms: Wyloo will manage the Yangibana Project, funding its 60% share of capital costs. Hastings retains a 40% interest and revenue share.
– Debt Relief: Wyloo agreed to redeem $135 million in exchangeable notes owed by Hastings, eliminating the debt ahead of its October 2025 maturity.
– Leadership: Dr. Tony Chamberlain, a metallurgy expert with 30 years in mining, will serve as Project Director.
– Shareholder Approval: The deal requires Hastings shareholder approval, with a vote expected in June.
The UJV reduces Hastings’ remaining capital contribution to $32 million and de-risks funding for the project, which is poised to supply critical minerals for electric vehicles and renewable energy.
Wyloo CEO Luca Giacovazzi called Yangibana “a globally significant supplier of green critical minerals,” targeting production within 18 months of a final investment decision.
Hastings will shift focus to its wholly owned Brockman Niobium and Heavy Rare Earths Project and Ark Gold tenements.
Yangibana, fully permitted and located in the Gascoyne region, holds high-value neodymium-praseodymium (NdPr) deposits. The project is expected to create hundreds of jobs and bolster Western Australia’s economy.