The Northern Australia Infrastructure Facility (NAIF) is increasing its support for the Yangibana Rare Earths Project in Western Australia through a $220 million loan, which the State Government welcomes.
The loan provided to Hastings Technology Metals Ltd will help fund the construction of the Yangibana Project’s assets, including a rare earths mine, processing plants and associated infrastructure.
“Support for projects like this underline the Albanese Government’s commitment to reach net zero emissions by 2050.
“The road to net zero runs through Australia’s resources sector.
“We need to support Australian mining so the industry can supply the minerals we need to build the technology of the future to support a decarbonising economy,” Minister for Resources and Northern Australia Madeleine King said.
The rare earths mine is going to be located about 250 kilometres north-east of Carnarvon in the Gascoyne region while the hydrometallurgical processing plant will be built in the Ashburton North Strategic Industrial Area near Onslow in the Pilbara.
The Yangibana Rare Earths Project is expected to require about 500 full-time construction jobs and approximately 250 operational jobs.
The project is also anticipated to deliver $1.3 billion in net public benefit to the Gascoyne region along with other regional benefits such as improved water infrastructure and common user road, communication and airstrip upgrades.
“Hastings is advancing the Yangibana Rare Earths Project in parallel with progressing the Hastings 2.0 mine-to-magnet strategy with a clear focus on delivering the critical minerals required for decarbonisation technologies into a strategically aligned supply chain.
“The increased NAIF loan and the financial support from Wyloo Metals via the recent $150 million Exchangeable Note reinforces Hastings continues progress to have Yangibana fully funded in conjunction with its strategy of developing an integrated mine to magnet supply chain that is responsibly sources, ESG compliant and aligns with the critical minerals strategies of Australia and the European Union,” Hastings Technology Metals’ Executive Chairman Charles Law said.
The Yangibana Project will produce up to 15,000 tonnes of Mixed Rare Earth Carbonate (MREC) over the mine’s lifetime, helping expand the State’s capability in downstream processing of rare earths minerals.
The development of the Yangibana Project aligns with the Western Australian Government’s Future Battery and Critical Minerals Industries Strategy that aims to develop a world-leading sustainable and value-added battery and critical minerals sector in the State.
The Yangibana Rare Earths Project contains substantial Neodymium and Praseodymium resources that are utilised in the production of magnets used in electric vehicles. Wind turbines and robotics.
“This project will create hundreds of jobs in the Gascoyne and Pilbara regions as well as generate significant financial returns for the WA economy.
“Importantly, it is a glimpse into the near future as WA develops a world-leading battery and critical minerals sector.
“This is using WA’s rare earths minerals to build the technology to support the global shift towards decarbonisation,” State Development, Jobs and Trade Minister Roger Cook said.
Hastings Technology Metals is advancing works on enabling infrastructure at the Yangibana Project site ahead of major construction of the plant that will begin this year. In addition, works on the Onslow hydrometallurgical plant has already commenced, with construction activities at the two project sites set to ramp up in 2023.
Source: Government of Western Australia – Media Statements; Minister for Resources and Minister for Northern Australia; Hastings Technology Metals (1, 2); Creamer Media’s Mining Weekly