Wyloo and Hastings form Yangibana partnership - Australian MiningWyloo and Hastings form Yangibana partnership
Wyloo and Hastings Technology Metals have officially formed the Yangibana joint venture (JV), marking a key milestone for one of the world’s most advanced rare earths projects.
Under the agreement, Hastings will sell 60 per cent of Yangibana – located in Western Australia – to Wyloo, creating a 60:40 JV. In return, Wyloo will cancel all outstanding exchangeable notes, which is valued at approximately $135 million.
Hastings will also pay Wyloo $7.4 million in cash, representing the value of remaining Neo Performance Materials shares held. Hastings and Neo signed a non-binding heads of agreement for the supply of rare earth concentrate from Yangibana in June 2023.
The JV, originally announced in February, will cover Stage 1 of the Yangibana beneficiation plant and the Stage 2 hydrometallurgical plant. Wyloo will manage the JV while having an option to increase its stake in to Yangibana 70 per cent.
“We look forward to working with the Hastings team as we transition the world-class Yangibana project to the Yangibana joint venture over the coming months,” Wyloo chief executive officer Luca Giacovazzi said.
“As rare earths continue to play a key role in the energy transition, Yangibana will be well placed to become a globally significant supplier of green critical minerals.”
Giacovazzi said being one of the most advanced rare earths projects in the world, Yangibana will be able to produce concentrate within 18 months from a final investment decision.
“The fully permitted project, which is near completion, will significantly boost jobs and economic opportunities in Western Australia’s Gascoyne region, and we remain committed to building on existing relationships with Traditional Owners and local communities,” he said.
“Together with our 19.9 per cent stake in Neo Performance Materials, we are excited to explore the potential of this rare earths mine to magnet supply chain as part of our expanded portfolio of critical minerals projects.”
Completion of the transaction remains subject to shareholder approval and customary regulatory conditions, with Hastings expecting a general meeting to take place in June.
The JV is expected to significantly de-risk funding and reduce capital requirements for Hastings while advancing one of Australia’s most strategically important rare earths developments.
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