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Australia's success against virus delivers rare earths opportunity

Angus GriggNational affairs correspondent
Jun 3, 2020 – 5.25pm

Australia's success in combating COVID-19 has helped rare earths hopeful Hastings secure a crucial supply agreement in Germany, as Berlin seeks to diversify its supply chains away from China.Hastings said it signed a binding, 10-year off-take agreement with automotive parts giant Schaeffler on Wednesday, allowing it to begin negotiating the terms of debt funding agreements with the Australian and German governments.The ASX-listed junior miner, which has a market capitalisation of $120 million, is benefiting from fears in the United States and among its allies that China could exploit its dominance of the rare earths trade by cutting off supply to advanced manufacturer This has seen Washington lead a push to bring on new rare earths production outside China and encourage its allies to back these projects with concessional loans.

Rare earths are used in everything from electric vehicles to wind turbines and weapons. China controls about 80 per cent of the global market and has threatened to cut off supply amid trade tensions with the US.

The Hastings agreement with Schaeffler is the most significant sign the strategy by the US and its allies is beginning to work. The Australian company hopes to begin construction on its $519 million processing plant in Western Australia early next year and see first production by 2023.

"This is hugely positive for us but also the entire rare earths sector in Australia," said Andrew Reid, Hastings' chief operating officer."We can now safely say we are going to be the next [Australian] rare earths miner into production."Mr Reid said the off-take agreement with Schaeffler would allow it to negotiate the terms of roughly $400 million in loans from the German government and the Northern Australia Infrastructure Facility (NAIF).
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