Wyloo chief executive Luca Giacovazzi said rare earths and...

Wyloo chief executive Luca Giacovazzi said rare earths and permanent magnets were essential in electrification of the economy and the move away from fossil fuels.

“There is already a shortage of these products, and the upcoming increase in magnet demand will require continued investment,” he said,

“This transaction spans the value chain, from mining to magnet manufacturing, and fits well with our strategy of investing in the stable and secure supply of critical
minerals.”

Mr Forrest’s involvement comes after he outbid BHP last year for control of Canadian nickel explorer Noront Resources.

Mr Forrest has also struck an arrangement with IGO whereby his private companies will have the chance to participate should IGO ever push ahead with plans to build a nickel sulphate refinery in Australia.

The deal with IGO was struck during IGO’s pursuit of nickel miner Western Areas; as a big shareholder in Western Areas, the refinery partnership was pivotal in getting Mr Forrest to support the deal.