Latest news with #BrockmanNiobium
The Age
16-05-2025
- Business
- The Age
Wyloo signs as Hastings clears debt and gets rare earths project set
After some months of negotiations, Andrew Forrest's Wyloo has signed on the dotted line to consummate a deal struck with ASX listed Hastings Technology Metals that will see Wyloo pick up 60 per cent of Hastings' giant Yangibana rare earths project in WA. The Yangibana rare earths project, which also harbours niobium, is 270km east-northeast of Carnarvon in WA's Gascoyne region. As part of the deal, Hastings will shed about $220m in debt in total owed to Wyloo that was becoming something of a millstone around its neck. That debt was originally created when Wyloo provided an exchangeable note to Hastings so the latter could pick up 21.5 per cent of Canadian rare earths magnet manufacturer Neo Performance Materials. Those shares have since dropped in value after the sharp decline in global rare earths prices. About $80m of that debt was paid down back in February when Hasting's transferred the bulk of its shares in Neo to Wyloo. It will now sell its remaining $7.4m worth of Neo stock and pay that money to Wyloo, in addition to 60 per cent of the Yangibana rare earths project. Wyloo will retain an option to increase to 70 per cent for at least an additional $20m. Under the terms of the deal now signed, Wyloo and Hastings will form a 60/40 joint venture and Wyloo will assume operatorship of Yangibana that is likely one of the most advanced unmined rare earths projects in the world in terms of spent capital. '... Going forward, Hastings will focus on its Ark Gold and Brockman Niobium and Heavy Rare Earths Projects ...' Hastings Technology Metals executive chairman, Mr Charles Lew Hastings said Wyloo is well placed to drive project development, funding and other technical aspects necessary to take the project through to a final investment decision.
Sydney Morning Herald
16-05-2025
- Business
- Sydney Morning Herald
Wyloo signs as Hastings clears debt and gets rare earths project set
After some months of negotiations, Andrew Forrest's Wyloo has signed on the dotted line to consummate a deal struck with ASX listed Hastings Technology Metals that will see Wyloo pick up 60 per cent of Hastings' giant Yangibana rare earths project in WA. The Yangibana rare earths project, which also harbours niobium, is 270km east-northeast of Carnarvon in WA's Gascoyne region. As part of the deal, Hastings will shed about $220m in debt in total owed to Wyloo that was becoming something of a millstone around its neck. That debt was originally created when Wyloo provided an exchangeable note to Hastings so the latter could pick up 21.5 per cent of Canadian rare earths magnet manufacturer Neo Performance Materials. Those shares have since dropped in value after the sharp decline in global rare earths prices. About $80m of that debt was paid down back in February when Hasting's transferred the bulk of its shares in Neo to Wyloo. It will now sell its remaining $7.4m worth of Neo stock and pay that money to Wyloo, in addition to 60 per cent of the Yangibana rare earths project. Wyloo will retain an option to increase to 70 per cent for at least an additional $20m. Under the terms of the deal now signed, Wyloo and Hastings will form a 60/40 joint venture and Wyloo will assume operatorship of Yangibana that is likely one of the most advanced unmined rare earths projects in the world in terms of spent capital. '... Going forward, Hastings will focus on its Ark Gold and Brockman Niobium and Heavy Rare Earths Projects ...' Hastings Technology Metals executive chairman, Mr Charles Lew Hastings said Wyloo is well placed to drive project development, funding and other technical aspects necessary to take the project through to a final investment decision.
