Wyloo and Hastings finalise rare earths JV

Wyloo Gascoyne and Hasting Technology Metals will begin work on the Yangibana rare earths and niobium project in WA under their unincorporated joint venture (UJV).

Andrew Forrest’s private mining vehicle, Wyloo, now holds a 60% participating interest and has been appointed manager and operator of the UJV with Hastings retaining a 40% participating interest.

The UJV covers all assets associated with the project, including Stage 1 being the Yangibana mine and beneficiation plant and Stage 2 being the hydrometallurgical plant.

The formation of the UJV formalises the partnership between Hastings and Wyloo to progress the Yangibana project, leveraging Wyloo’s significant technical and financial expertise.

Wyloo chief executive Luca Giacovazzi says the company is excited to formally commence its partnership with Hastings and progress the development of this globally significant rare earth project.

“Yangibana is a high quality rare earth deposit with an attractive basket composition,” he said.

“It has the shortest pathway to commercial production and requires the least amount of capital of any other Australian rare earths project.

“Yangibana will be a key player in Australia’s emerging rare earth supply chain, supplying the critical elements needed for green energy and emerging technologies like electric vehicle batteries, wind turbines, advanced medical equipment, defence systems and AI.

“As the new manager and operator, our team is now focused on applying our expertise to progress the Yangibana project.

Hastings chief executive Vince Catania says the commencement of the Yangibana joint venture is a pivotal moment for the company.

“I want to extend my sincere thanks to the dedicated teams at both Hastings and Wyloo for their immense effort and collaboration in bringing this landmark transaction to completion,” he said.

“Finalising the joint venture allows us to now move forward with complete focus and certainty.

“This partnership with Wyloo provides a clear, credible and significantly de-risked pathway to production. It validates the world-class nature of the Yangibana deposit and allows us to unlock the immense value of the project for our shareholders while retaining a meaningful 40% stake.”

Following formation of the UJV, the advancement of the Yangibana project can progress. Jointly developing a pathway to production, project activities are set to progress towards final investment decision for the beneficiation plant, targeting an 18-month construction timeline.