Wyloo Metals is fast-tracking its Yangibana rare earths project in Western Australia, with chief executive officer Luca Giacovazzi telling Australian Mining the company is well positioned to take advantage of the recent Australia–US critical minerals deal.
The Yangibana joint venture (Wyloo 60 per cent, Hastings 40 per cent) recently signed a non-binding heads of agreement (HoA) with Ucore Rare Metals to explore processing rare earth concentrate in the United States.
Under the agreement, the JV would supply up to 37,000 tonnes per annum of rare earth concentrate and investigate establishing a hydrometallurgical plant in Louisiana.
Giacovazzi said the project has a distinct advantage due to its proximity to production.
“We have one of the few mines that could be in production in months, not years,” he said. “This gives the JV a rare earths advantage in a market where global supply is tightly balanced.
“The current price of rare earths is not enough to incentivise new supply just yet, but we’re right at the starting blocks to go. It’s super exciting to have a project that can really be part of the near-term solution.”
He said that with few projects currently ready to keep up with anticipated demand, a supply shortage in rare earths is inevitable.
Experts have echoed this view, noting that demand for rare earths is surging while concentrated supply chains are heightening the risk of shortages.
According to the International Energy Agency, supply of rare earths remains among the least geographically diversified among all critical minerals with China accounting for 60 per cent of global mining output in 2024.
When the Chinese government banned exports on seven heavy rare earth elements in April, many carmakers across the US and Europe struggled to obtain permanent magnets, as rare earth prices remained elevated outside China.
“We feel privileged to have a project that can be a near-term solution,” Giacovazzi said. “The HoA not only brings us a step closer to securing a long-term offtake agreement for Yangibana concentrate but also enables us to explore US downstream processing opportunities with an experienced North American partner,” he said.
The company said progressing projects like Yangibana, which has the shortest path to market of any Australian rare earth project, is strengthening Australia’s position as a high-quality supplier of rare earth materials to global markets.
The HoA is non-binding, with a definitive agreement expected after June 2026, aligning with Yangibana’s production schedule and ongoing efforts to deliver rare earths efficiently from Australia to North America.
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