Hastings considers Saudi Arabia for rare earths plant
Australia’s Hastings Technology Metals on Thursday announced a partnership with the Ministry of Investment in Saudi Arabia (MISA) to potentially establish a fully integrated rare earths downstream processing supply chain in the Kingdom.
The collaboration aligns with Saudi Arabia’s broader economic diversification plan under its Vision 2030, aiming to reduce reliance on oil revenue and position the country as a global player in high-tech industries and mineral processing.
Under the partnership, Hastings joins nine other key participants in MISA’s $9-billion Global Supply Chain Resilience Initiative, a programme designed to strengthen the supply chain for critical minerals and foster economic growth.
Hastings is currently advancing a two-stage strategy for its flagship Yangibana rare earths and niobium project in Western Australia. The first stage of the project involves the construction of a beneficiation plant at the mine site in the Gascoyne region. The second stage is focused on developing a hydrometallurgical plant to process rare earths. As part of the Stage 2 development, Hastings is assessing potential locations in several regions, including Onslow in Western Australia, Estonia, and Saudi Arabia.
“Rare earths magnet products produced in Saudi Arabia are well positioned to supply components to original equipment manufacturers and Tier 1 suppliers in Europe, the US, and Middle Eastern markets,” the company, headed by Charles Lew, noted in a statement.
Lew said Hastings was looking forward to working with the Saudi government to assess plans for the construction of a hydrometallurgical plant and downstream facilities in the Kingdom, as well as working to secure Saudi joint venture partners and development financing support.
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