Hastings Technology Metals has secured a new $100 million funding for its Yangibana Rare Earths Project in Western Australia.
A non-binding and conditional Letter of Support was signed by Export Finance Australia (EFA), showing its intention to provide funding – subject to board approval and due diligence – that will get works going on the Yangibana Project.
This builds on top of the $220 million commitment from the Northern Australia Infrastructure Facility (NAIF), announced earlier this year.
Hastings Technology Metals is looking to raise about $400 million towards the debt funding for the Yangibana Project.
The company has already commenced a detailed cost, schedule and delivery structure review for the project to “establish the most current and realistic capital cost and scheduling targets within the overall project planning”. Hastings will then provide updates on the required final funding solution once the review is completed.
“Hastings is pleased to have received Export Finance Australia’s Letter of Support towards the Yangibana Rare Earths Project. EFA’s support for strategically impactful critical minerals projects is welcomed. Hastings will continue the construction of the Yangibana Rare Earths Project to deliver first product to market before the end of 2025,” Hastings Technology Metals Chief Executive Officer Alwyn Vorster said.
The Yangibana Rare Earths Project is located in the Gascoyne region, about 250 kilometres north east of Carnarvon. The project is comprised of a rare earths mine and a beneficiation plant at the Yangibana site and a hydrometallurgical processing plant within the Ashburton North Strategic Industrial Area near Onslow in the Pilbara.
The Yangibana Project is a significant rare earths project in Australia, with the project site covering approximately 650 square kilometres, containing substantial Neodymium and Praseodymium resources.
The project is expected to support up to 500 full-time construction jobs and about 250 operational jobs.
Source: Australian Mining; Hastings Technology Metals (1, 2); Reuters