Hastings Technology Metals and its joint-venture partner Wyloo Gascoyne have signed a non-binding Heads of Agreement with Ucore Rare Metals to advance rare earth processing in the United States.
The agreement provides a framework for the Yangibana joint venture, with Hastings owning 40 per cent and Wyloo 60 per cent, to negotiate a long-term offtake agreement that covers the sale of up to 37,000 tonnes per annum of the site’s rare earth concentrate.
Hastings chief executive officer (CEO) Vince Catania said that the company is delighted to partner with Ucore on this “strategically significant” agreement.
“This agreement represents a major step forward in de-risking the Yangibana project by securing a pathway to a long-term offtake partner in the key North American market,” he said.
Ucore is a Canadian-based company focused on rare earth element processing and the development of a sustainable North American REE supply chain.
All three companies will take part in a joint evaluation of the economic and technical feasibility of establishing a downstream hydrometallurgy (hydromet) plant in Louisiana to convert concrete into mixed rare earth carbonate.
“More importantly, the joint evaluation of the plant in the US demonstrates the efforts by Wyloo, Ucore and Hastings to access the financing and commercial opportunities arising from the recently announced rare earth deal by the Australian and US governments,” Catania said.
The downstream processing strategy, according to Hastings, has the potential to significantly enhance project value and capture a greater portion of the rare earths value chain by upgrading the concentrate into a “higher-value intermediate product”.
It will also provide a direct route to supply the growing North American rare earths market, which Hastings said is a “key strategic opportunity” for both the US and Australia.
Wyloo CEO Luca Giacovazzi said that by progressing projects like Yangibana, which has the “shortest path” to any of Australia’s rare earth projects, they are “strengthening” the country’s position as a reliable, high-quality supplier of rare earth materials to the global market.
“We look forward to working closely with Ucore and Hastings to advance these opportunities and deliver long-term benefits for the Australian and US rare earths industries,” he said.
Ucore vice-president of business development Geoff Atkins said the partnership is a crucial step for the American company to “secure a fully aligned” mine-to-oxide supply chain across trusted jurisdictions.
“Yangibana is one of the world’s most advanced, shovel-ready rare earth projects, with amongst the highest distributions of neodymium-praseodymium (NdPr) of any known deposit,” he said.
Ucore will be assisting the Yangibana joint venture in evaluating the sustainability of a Louisiana-based plant, including financing options, import permits, and environmental compliance.
The Yangibana Project occupies 650 square kilometres and is located approximately 250 kilometres northeast of Carnarvon in Western Australia.
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