Wyloo, Hastings form JV for Yangibana rare earths project

Australian tycoon Andrew Forrest’s Wyloo has agreed to form an unincorporated joint venture with Hastings Technology Metals (ASX: HAS) for the Yangibana rare earths and niobium project in Western Australia.

Forrest’s private investment vehicle will hold a 60% participating interest in the JV, serving as the manager and operator, while Hastings’ wholly owned subsidiary, Yangibana Jubilee, will retain a 40% stake. Wyloo will also have the option to increase its share to 70%.

“Partnering with Wyloo brings incremental technical expertise and strong financial backing to our project, which is already one-third completed,” Hastings executive chair Charles Lew said.

“The early termination of the Wyloo exchangeable notes and bringing in a strong partner at this juncture—where A$226 million has already been spent by Hastings as part of the Phase 1 and Phase 2 project development—will provide greater certainty to final funding and on more competitive terms.”

Lew also confirmed that Hastings would continue exploring opportunities to develop downstream hydrometallurgical and magnet processing plants in Saudi Arabia, which he said would complement the venture with Wyloo.

Wyloo chief executive Luca Giacovazzi expressed enthusiasm for the partnership, which adds to the company initial A$150 million ($103m at the time) investment in Hastings in 2022.

He described Yangibana as one of the most advanced rare earths projects in Australia, set to become a globally significant source of neodymium and praseodymium — key components in permanent magnet production. Giacovazzi also underscored the project’s output of niobium and other by-products critical to the energy transition.

Wyloo also announced on Thursday the acquisition of a 19.99% stake in Neo Performance Materials (TSX: NEO), which makes it the Canadian junior’s largest shareholder.

Giacovazzi welcomed the move, adding that Wyloo will closely work with both Hastings and Neo across the mine-to-magnet supply chain as it expands its critical minerals portfolio.

The completion of the Wyloo-Hastings JV and other binding documentation is expected by the end of March, pending regulatory approvals.