Hastings Technology Metals and Wyloo Gascoyne are set to begin work on the Yangibana rare earths and niobium project, with all regulatory hurdles for their unincorporated joint venture (UJV) now passed.
The partnership was first announced in May this year. It aims to leverage Wyloo’s significant technical and financial expertise with the previously wholly-owned Hastings project, one of the most advanced rare earths projects in the world.
The deal involved Hastings selling 60 per cent of the project to Wyloo. As part of the consideration, Wyloo agreed to cancel all outstanding exchangeable notes with Hastings, an action valued at approximately $135 million.
Under the UJV terms, Hastings shareholder approval was required. This was achieved with significant support at an extraordinary general meeting on July 30. Other conditions and regulatory requirements have now also been completed, with the UJV officially forming this week.
Hastings chief executive officer Vince Catania said the joint venture represented a pivotal moment for his company and would allow it to move forward with certainty.
“This partnership with Wyloo provides a clear, credible and significantly de-risked pathway to production,” he said. “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 per cent stake.”
Wyloo chief executive officer Luca Giacovazzi said Yangibana was a high quality rare earth deposit which would be a key player in Australia’s emerging rare earth supply chain.
“Yangibana has the shortest pathway to commercial production and requires the least amount of capital of any other Australian rare earths project,” he said.
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