Latest news with #Wyloo
West Australian
11 hours ago
- Business
- West Australian
WA Political veteran Vince Catania takes the reins at Hastings
Hastings Technology Metals has handed the chief executive baton to political veteran and company insider Vince Catania as the rare earths hopeful eyes a critical next chapter to develop its flagship Yangibana project in Western Australia. The former WA state MP, who joined Hastings in 2023 as general manager of corporate, has stepped up as CEO effective immediately after spearheading discussions with Andrew Forrest's Wyloo Consolidated Investments that led to the company's joint venture (JV) over Yangibana. There can be no doubt about his political skills - Catania had a successful career in the WA parliament for more than 18 years. He was elected as a Labor Party member of the upper house in 2005, where he represented the state's mining and pastoral region. He then moved to the lower house in the 2008 election by winning the huge regional North West Central seat. After a spat with his Labor colleagues, Catania made what could have been a career-ending move by switching his political allegiance to the Nationals WA. In the 2013 election, he stood as a Nationals WA candidate for North West Central – and won. He was re-elected in 2017 and again in 2021. WA's vast north west electorate includes the Yangibana site and, as its former MP, Catania is no stranger to the land or its challenges. Since joining Hastings, he has played a central role in maintaining environmental approvals and building trusted relationships with the region's traditional owners. Thanks largely to Catania's political nous, Hastings carved out its clever joint venture deal with Wyloo, which saw the company hold onto a solid 40 per cent stake in the Yangibana rare earths project. Wyloo took 60 per cent and has an option to lift its stake to 70 per cent. In return for handing over control, Hastings wiped a big chunk of debt off its books – a smart move that tightened the company's balance sheet while keeping meaningful skin in the game. Wyloo agreed to forgive $115 million from a ballooning $200M loan, originally issued to Hastings three years ago to fund its 21.5 per cent stake in Canadian magnet powerhouse Neo Performance Materials. The remaining $85M was also cleared after Hastings transferred its entire Neo stake - coincidentally valued at $85M - straight to Wyloo. The companies first teamed up in 2021 when Wyloo fronted $150M via an exchangeable loan note to bankroll the Neo acquisition - a debt that later swelled with interest and fees. Executive chairman Charles Lew said Catania has been a key asset since coming on board in 2023 and has played a crucial role across the business, including steering the company's partnership with Wyloo. Catania's appointment lands at a pivotal time for Hastings as it closes in on a final investment decision (FID) for the company's world-class neodymium-praseodymium rare earths and niobium deposit in WA's Gascoyne region. Hastings aims to make the fully permitted Yangibana project a major player in the renewable energy and electric vehicle supply chain. With a 20.9-million-tonne ore reserve and plans to process 1.1Mt annually over a 17-year mine life, the project will produce 37,000 tonnes per annum of rare earth concentrates – 27 per cent of which are total rare earth oxides. Notably, neodymium and praseodymium oxides, which are critical for high-performance magnets used in green technologies, make up 37 per cent of the mix. Yangibana also hosts a 6.7Mt niobium resource that could offer a valuable secondary revenue stream. Hastings has already sunk $158M into developing the project, with a further $316M flagged to reach production. The site is construction-ready, with a 294-room village, 2-kilometre airstrip, access roads, a bore field and processing plant equipment already secured, putting Hastings well ahead of the pack as the rare earths market gathers momentum. By the time Catania bowed out of politics in 2022, he'd weathered five straight elections and smoothly navigated shifts between parties and parliamentary houses – a testament to his sharp political instincts. It's that same savvy he'll likely lean on as he now climbs the ranks of the ASX corporate world. With a high neodymium-praseodymium ratio and a 17-year initial mine life, Hastings and Wyloo appear to be positioning Yangibana as a cornerstone rare earths project for Australia and a key piece in the global supply chain puzzle. The clock is ticking on construction, and Catania will be the man holding the blueprint. Is your ASX-listed company doing something interesting? Contact:
Sydney Morning Herald
11 hours ago
- Business
- Sydney Morning Herald
Political veteran Vince Catania takes the reins at Hastings
Hastings Technology Metals has handed the chief executive baton to political veteran and company insider Vince Catania as the rare earths hopeful eyes a critical next chapter to develop its flagship Yangibana project in Western Australia. The former WA state MP, who joined Hastings in 2023 as general manager of corporate, has stepped up as CEO effective immediately after spearheading discussions with Andrew Forrest's Wyloo Consolidated Investments that led to the company's joint venture (JV) over Yangibana. There can be no doubt about his political skills - Catania had a successful career in the WA parliament for more than 18 years. He was elected as a Labor Party member of the upper house in 2005, where he represented the state's mining and pastoral region. He then moved to the lower house in the 2008 election by winning the huge regional North West Central seat. 'I look forward to working closely with Wyloo as we move Yangibana further along the construction path and into FID.' Hastings Technology Metals chief executive officer Vince Catania After a spat with his Labor colleagues, Catania made what could have been a career-ending move by switching his political allegiance to the Nationals WA. In the 2013 election, he stood as a Nationals WA candidate for North West Central – and won. He was re-elected in 2017 and again in 2021. WA's vast north west electorate includes the Yangibana site and, as its former MP, Catania is no stranger to the land or its challenges. Since joining Hastings, he has played a central role in maintaining environmental approvals and building trusted relationships with the region's traditional owners. Hastings Technology Metals chief executive officer Vince Catania said: 'I look forward to working closely with Wyloo as we move Yangibana further along the construction path and into FID, as well as working to progress our broader portfolio of assets including the Brockman heavy rare earths and niobium project and the Whiteheads gold project.' Thanks largely to Catania's political nous, Hastings carved out its clever joint venture deal with Wyloo, which saw the company hold onto a solid 40 per cent stake in the Yangibana rare earths project. Wyloo took 60 per cent and has an option to lift its stake to 70 per cent.
The Age
11 hours ago
- Business
- The Age
Political veteran Vince Catania takes the reins at Hastings
Hastings Technology Metals has handed the chief executive baton to political veteran and company insider Vince Catania as the rare earths hopeful eyes a critical next chapter to develop its flagship Yangibana project in Western Australia. The former WA state MP, who joined Hastings in 2023 as general manager of corporate, has stepped up as CEO effective immediately after spearheading discussions with Andrew Forrest's Wyloo Consolidated Investments that led to the company's joint venture (JV) over Yangibana. There can be no doubt about his political skills - Catania had a successful career in the WA parliament for more than 18 years. He was elected as a Labor Party member of the upper house in 2005, where he represented the state's mining and pastoral region. He then moved to the lower house in the 2008 election by winning the huge regional North West Central seat. 'I look forward to working closely with Wyloo as we move Yangibana further along the construction path and into FID.' Hastings Technology Metals chief executive officer Vince Catania After a spat with his Labor colleagues, Catania made what could have been a career-ending move by switching his political allegiance to the Nationals WA. In the 2013 election, he stood as a Nationals WA candidate for North West Central – and won. He was re-elected in 2017 and again in 2021. WA's vast north west electorate includes the Yangibana site and, as its former MP, Catania is no stranger to the land or its challenges. Since joining Hastings, he has played a central role in maintaining environmental approvals and building trusted relationships with the region's traditional owners. Hastings Technology Metals chief executive officer Vince Catania said: 'I look forward to working closely with Wyloo as we move Yangibana further along the construction path and into FID, as well as working to progress our broader portfolio of assets including the Brockman heavy rare earths and niobium project and the Whiteheads gold project.' Thanks largely to Catania's political nous, Hastings carved out its clever joint venture deal with Wyloo, which saw the company hold onto a solid 40 per cent stake in the Yangibana rare earths project. Wyloo took 60 per cent and has an option to lift its stake to 70 per cent.
West Australian
13 hours ago
- Business
- West Australian
Hastings taps former Nationals WA politician Vince Catania as CEO after ceasefire with Forrest's Wyloo
WA Labor turncoat Vince Catania has ascended to the top job at Hastings Technology Metals less than a month after the company mended fences with Andrew Forrest's private mining arm. Mr Catania, who served for 18 years in WA's Parliament predominately as a National Party politician, will be paid $340,000 a year for his new gig. He joined Hastings as its general manager of corporate affairs shortly after leaving politics in 2022. Mr Catania finished his political career as a long-time member for the vast seat of North West, which covered the Gascoyne region where Hastings' flagship Yangibana rare earths and niobium project is situated. Hastings sold a 60 per cent stake in Yangibana for $150 million to the Forrest family's mining offshoot, Wyloo, last month. The deal followed a bitter public fight where Wyloo accused Hastings of financial mismanagement and even questioned its solvency. Hastings executive chairman Charles Lew said Mr Catania had been a key figure in managing the relationship with Wyloo. Shareholders are due to sign off on the Wyloo deal later this month. Negotiations on the deal — initially meant to be executed by March — had been in the works since in February, when Wyloo called off a $220m loan issued to the explorer in 2022 in exchange for majority ownership of the asset. Hastings retained a 40 per cent stake in the joint venture and the Forrest-backed entity has taken over as manager of the project, which has faced considerable budget blowouts and delays to scheduled production over the years. The first-stage mine and beneficiation plant are due to be finished by 2027. The $475m build currently faces a funding shortfall of about $300m 'I look forward to working closely with Wyloo as we move Yangibana further along the construction path and into final investment decision, as well as working to progress our broader portfolio of assets including the Brockman heavy rare earths and niobium project and the Whiteheads gold project,' Mr Catania said. The rare earth aspirant is also dabbling in the red-hot gold space after acquiring the early-stage Whiteheads a fortnight ago in a deal worth up to $1.2m. The project is 80km east of Kalgoorlie in the heart of WA's gold mining country. Shares in Hastings were up 3.5 per cent to 30¢ in early trade. The announcement of Mr Catania's appointment also mentioned the immediate departure of non-executive director and joint company secretary Neil Hackett to 'focus on other business interests'.
National Observer
3 days ago
- Politics
- National Observer
Two communities seeking better roads in Ring of Fire, reject new mining law
Two First Nations that signed deals with the provincial government to improve access to the Ring of Fire are speaking out against a new Ontario law that seeks to ease mineral extraction in the northern region. Aroland First Nation Chief Sonny Gagnon said his community objects to the law known as Bill 5, which seeks to speed up development in the face of pressure from the United States. The legislation passed last week and allows Ontario to suspend provincial and municipal laws by creating so-called special economic zones for certain projects it chooses, such as new mines. "We do not stand with Ontario in support of Bill 5," Gagnon said in a statement. "We do stand in support of the other First Nations in Ontario who are opposed to Bill 5 and working to have it thrown out." Ontario intends to name the mineral-rich Ring of Fire as the first such zone, but the law has created a firestorm of anger among many First Nations. They say they want to be involved in development, but that the new law violates their treaty rights and ignores their concerns. Aroland signed a shared-prosperity agreement with the province in January for major upgrades to roads that lead to the proposed roads to the Ring of Fire, a 5,000-sq-km region about 450 kilometres north of Thunder Bay, Ont. Two First Nations that signed deals with the provincial government to improve access to the Ring of Fire are speaking out against a new Ontario law that seeks to ease mineral extraction in the northern region. Aroland sits outside the Ring of Fire region with access to the provincial highway system that ends near its territory. Premier Doug Ford has trotted out Gagnon's name at least five times in recent weeks in defense of Bill 5. Ford also often points to Marten Falls First Nation and Webequie First Nation, which are the lead proponents for three roads that will connect their remote communities to the provincial highway system. One of them would connect the Eagle's Nest site in the Ring of Fire, a proposed mine owned by Australian mining giant Wyloo, to the other two roads. "There's going to be a group that doesn't want anything done," Ford said last week. "Well, good, don't do it then. There's going to be another group in the middle that says, 'Boy, let's see what happens.' And then there's the progressive group that's saying, 'Let's get it done,' like Chief Sonny from Aroland — and Webequie and Marten Falls." Gagnon said Aroland has never consented to mining the Ring of Fire. Rather, part of the agreement was designed to give road access to its neighbouring First Nation, Marten Falls. Marten Falls and Webequie First Nation are fly-in communities that have a month or so of winter road access. "Aroland has never said Marten Falls cannot build a road so that it is no longer remote; if they want to have road access to the highway system like we do, they should be able to," Gagnon said. "But that has to be done right – with proper assessment and protection measures and Aroland involvement and consent. The agreement with Ontario is about that, and some necessary electrical power to our community. We were to get funding to support that initiative and so far we have received nothing and instead have spent our own dollars trying to ensure our community has basic services.' Aroland does not consent to that road being used for mining companies, he added. "We have consistently in writing indicated that no such decision on what happens to the Ring of Fire should be made until the regional assessment being conducted now and being co-led by many First Nations, including Aroland, is complete, and indicates that mining in this sensitive and vulnerable peatlands region is safe for humanity, for us, for wildlife, climate and water," Gagnon said. "We don't yet know that. More important – Ontario does not yet know that." Ford took issue with Gagnon's comments. "Does he want the $200 million electricity deal that we handed over to him? Does he want to get off diesel because they live on diesel? Does he want a road that they can actually leave their community and drive? Does he want a community centre? Does he want a hockey arena inside that community centre? The answer is 1,000 per cent yes," Ford said Monday at Intersect/25, an event hosted by The Globe and Mail. Ford said he will be speaking to Gagnon shortly. "Mark my words in this room, he will be moving forward with us, not because of me, not because of pressuring me, because he's a smart man, and he understands his community needs to prosper," Ford said. Marten Falls First Nation also has an agreement with the province on roads, and its chief says he cannot support the law as it is written — though he hopes Ontario can correct course with consultation. Chief Bruce Achneepineskum said he is feeling conflicted. "I'm not OK with this bill," he told The Canadian Press in an interview. On the one hand, he and his community want road access built so they do not have to rely on winter roads. Last year, the frozen road only lasted a month as the winter road season keeps shrinking, he said. Marten Falls also wants to be in the driver's seat for any development in its territory, Achneepineskum said. "Our intent is to take the lead on development in our area and with that we're still in discussions with government on how to move forward," he said. "We don't agree with everything that government says and does. So we're taking it on an approach that's based on a negotiation." Marten Falls First Nation has been working on environmental assessments for the roads. One of the assessments has been in development for going on six years, though about half that time was lost due to the COVID-19 pandemic, Achneepineskum said. "Sometimes, you think to yourself, that is a really long time," he said. Ford, Indigenous Affairs Minister Greg Rickford and Energy and Mines Minister Stephen Lecce have said the province will consult First Nations on the new law throughout the summer. Achneepineskum said he is willing to listen to the province and give them time to get Bill 5 right, but, like many other First Nations have said, he wanted the province to consult with them on the language in the legislation rather than starting those conversations after it is already law. "I have to support Aboriginal and treaty rights that other First Nations are talking about because, in principle, that's what we're fighting for also: to have our rights and interests in our traditional area — and that includes the Ring of Fire — recognized," Achneepineskum said. Webequie's chief was not available to talk, as he continues to deal with a wildfire that has forced the evacuation of his entire community to southern Ontario.
