Hastings Technology Metals has entered into a memorandum of understanding (MoU) with the Ministry of Investment of Saudi Arabia (MISA) to create an integrated rare earths downstream processing supply chain.
The MoU outlines how Hastings will develop a fully integrated downstream rare earths processing facility with the support of MISA through its global supply chain resilience initiative program (GSCRI), which aims to attract strategic supply chains to the Kingdom of Saudi Arabia (KSA) and grow the country’s market share in sectors where it has specific competitive and advantages.
Hastings is developing its Yangibana rare earths-niobium project in Western Australia via a two-stage strategy.
Stage one comprises the construction of a beneficiation plant at Yangibana, which is now 33 per cent complete; and stage two involves the development of a hydrometallurgical plant. Hastings will conduct assessments at Onslow in WA, Estonia via its MoU with the Estonian Government, and in KSA to determine its final location.
MISA will support Hastings as it refreshes its bankable feasibility study on the KSA hydrometallurgical plant, secures joint venture (JV) partners, facilitates the development and signing of a JV agreement to develop the hydrometallurgical plant, facilitates access to potential KSA-based funding, and identifies suitable local partners for all business establishment stages.
MISA will also provide Hastings with further assistance as required, including guidance on licensing, legal, compliance, and regulatory matters in KSA.
“Hastings is pleased to have signed the MoU with MISA as the company continues to progress its two-stage development strategy at Yangibana as part of our vision to create an integrated mine-to-magnet supply chain,” Hastings executive chairman Charles Lew said.
“Hastings looks forward to working with the Saudi (Arabian) Government to assess plans for the construction of a hydrometallurgical plant and downstream facilities in the KSA as well as working to secure KSA JV partners and development financing support.”
The MoU between Hastings and MISA illustrates the latter’s ‘Vision 2030’ plan, which aims to diversify the country’s economy and reduce oil reliance. To achieve this goal, MISA is focusing on the high-tech industry, unlocking downstream opportunities, upgrading jobs and skills, and research and development.
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