Billionaire Andrew Forrest's Wyloo partners with Hastings on rare-earths project (updated)

Hastings Technology Metals

20/02/2025 02:42

(Adds share prices and details from paragraph 3 onwards)
       Feb 20 (Reuters) - Australian billionaire Andrew
Forrest's Wyloo Metals and rare-earths developer Hastings
Technology Metals  HAS.AX  will form a joint venture for the
Yangibana rare earths and niobium project in Western Australia,
the companies said on Thursday.
    Private mining group Wyloo will hold a 60% stake in the
venture, managing and operating the project, while Hastings'
subsidiary, Yangibana Jubilee, will retain the remaining share. 
    Wyloo said it also acquired a 19.99% stake in Hastings'
TSX-listed unit, Neo Performance Materials Inc, becoming its
largest shareholder with an investment of A$78.9 million ($49.96
million) in exchange for the cancellation of previous
exchangeable notes.    
    Hastings will continue to pursue opportunities for building
downstream hydromet to magnet processing plants in Saudi Arabia,
which will benefit the joint venture with Wyloo, Hastings
Executive Chairman Charles Lew 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," Wyloo CEO Luca Giacovazzi said. 
    The joint venture agreement is expected to be completed by
the end of March, subject to regulatory approval.
    Shares of Hastings were up 22.6% at A$0.38, as of 0227 GMT,
marking their highest levels since mid-July 2024.
    
     ($1 = 1.5793 Australian dollars)

 (Reporting by Sherin Sunny & Sameer Manekar in Bengaluru;
Editing by Sherry Jacob-Phillips)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))