The Yangibana rare earths project in Western Australia will now be run as an unincorporated joint venture (UJV) between Hastings Technology Metals and Wyloo.
Wyloo will hold 60 per cent in the UJV and will also be its manager and operator. Hastings’ subsidiary Yangibana Jubilee will hold a 40 per cent interest in the venture.
The agreement includes the Yangibana project and the stage two hydrometallurgical plant, with Wyloo having the option to increase its interest in both to 70 per cent. Wyloo has also acquired 19.99 per cent in speciality materials manufacturer Neo from Hastings for $79.8 million.
Wyloo chief executive officer Luca Giacovazzi said it is an exciting time to be a major partner in the project.
“Yangibana is one of the most advanced rare earths projects in Australia and will become a globally significant source of NdPr, a critical component in the manufacture of permanent magnets, as well as a producer of Niobium and other by-products critical to the energy transition,” he said.
“We look forward to working more closely with both Hastings and Neo across the mine to magnet supply chain as we expand our critical minerals portfolio.”
Hastings executive chairman Charles Lew said the company is pleased to welcome Wyloo into the fold.
“The joint venture arrangement is the result of what has been ongoing, positive discussions between Hastings and Wyloo regarding the exchangeable notes and a mutually beneficial way to proceed with the development of the Yangibana project, within which significant value will be realised,” Lew said.
“Partnering with Wyloo brings incremental technical expertise and strong financial backing to our project, which is already one-third completed.”
The Yangibana project has a mine life of 17 years and is expected to begin production in the second quarter of 2025.
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