Andrew Forrest-backed Wyloo has officially become a major partner in the Yangibana rare earths and niobium project after finalising an agreement with Hastings Technology Metals.
Following negotiations, Wyloo and Hastings have successfully formed an unincorporated joint venture for Yangibana, spread across 650 square kilometres in Western Australia.
As part of the agreement, Wyloo will hold a 60 per cent participating interest in the venture and will also act as its manager and operator.
Wyloo also has the option to increase its stake to 70 per cent.
The joint venture will support the development of stage one of Yangibana’s beneficiation plant, and stage two of the project’s hydrometallurgical plant.
“We look forward to working with the Hastings team as we transition the world-class Yangibana project to the Yangibana joint venture over the coming months,” Wyloo chief executive officer Luca Giacovazzi said.
“As rare earths continue to play a key role in the energy transition, Yangibana will be well placed to become a globally significant supplier of green critical minerals.”
Giacovazzi said as one of the most advanced rare earths projects in the world, Yangibana will be able to produce concentrate within 18 months from a final investment decision.
“The fully permitted project, which is near completion, will significantly boost jobs and economic opportunities in Western Australia’s Gascoyne region, and we remain committed to building on existing relationships with Traditional Owners and local communities,” he said.
Completion of the transaction remains subject to shareholder approval and customary regulatory conditions, with Hastings expecting a general meeting to take place in June.
The joint venture is expected to significantly de-risk funding and reduce capital requirements for Hastings while developing one of Australia’s most strategically important rare earths projects.
