Hastings Technology Minerals has secured a non-binding letter of support from Export Finance Australia (EFA) of up to $100 million for the Yangibana Rare Earths Project.
The commitment from EFA would be subject to various conditions for the facility including being subject to completion of due diligence satisfactory to EFA, and offtake commitments being secured on acceptable terms to EFA aligned with the Commonwealth’s Critical Minerals Strategy.
In addition to a previously announced commitment from the Northern Australia Infrastructure Facility (NAIF), Hastings is pleased with the progress towards finalising the required project debt financing for the Yangibana Rare Earths Project.
Furthermore, through its financial advisers, KPMG Corporate Finance, good progress is being made with commercial banks towards the balance of the required financing package.
Hastings is seeking to raise a minimum of $400 million towards the debt funding of the project and will provide further updates as progress is made towards finalising the funding package.
Hastings commenced a detailed cost, schedule and delivery structure review to establish the most current and realistic capital cost and scheduling targets within the overall project planning. When this process is completed, Hastings will provide an update on the required final funding solution.
Hastings’ Chief Executive Officer, Alwyn Vorster, said, “Hastings is pleased to have received Export Finance Australia’s letter of support towards the Yangibana Rare Earths Project.
“EFA’s support for strategically impactful critical minerals projects is welcomed. Hastings will continue the construction of the Yangibana Rare Earths Project to deliver first product to market before the end of 2025.”
