Hastings Technology Metals is gearing up for the development of downstream rare earth processing in Estonia.
The company has signed a non-binding memorandum of understanding with the Estonian Government’s investment agency Ettevotluse ja Innovatsiooni Sihtasutus (EIS) to collaborate on a joint scoping study into the country’s rare earths.
The agreement will see Hastings investigate a streamlined process for expediting any future project in Estonia.
It will also include exploration of financial support mechanisms from the Estonian Government, including both direct and indirect tax incentives.
Hastings will work with the Estonian Government on land access and aims to incorporate as much renewable technology as possible to reduce the carbon footprint of future projects.
“Hastings is delighted to establish this partnership with the Estonian Government to evaluate downstream processing opportunities, as a natural extension of our ongoing work to maximise value from the Yangibana rare earths project,” Hastings executive chairman Charles Lew said.
The Yangibana project is located in the Gascoyne region of WA, approximately 250 kilometres northeast of Carnarvon.
Hastings discovered the site’s rare earths potential in 2014 and is due to commence production in 2025.
“This is also builds on our strategic investment into Neo Performance Materials to advance our vision of building a rare earth magnet supply chain for the European market, in line with the ongoing focus from European Union member states such as Germany to secure alternative sources for critical raw materials,” Lew said.
Hastings maintains a 21.1 per cent shareholding in Neo, a leading global manufacturer of rare earth magnetic products.
Neo currently owns the only operating commercial rare earth separation facility in Europe, located in Sillamae, Estonia, and is currently constructing a sintered rare earth magnet manufacturing facility in Narva, Estonia with production expected from 2025.
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