PERTH (miningweekly.com) – The Western Australian government has welcomed the Northern Australia Infrastructure Facility’s (NAIF’s) increased support for the Yangibana rare earths project being developed by ASX-listed Hastings Technology Metals.

Hastings this week reported that the NAIF had increased its support for Yangibana from the A$140-million initially offered to A$220-million.

The one-million-tonne-a-year Yangibana operation is expected to produce 15 000 t/y of mixed rare earths carbonate, and about 8 850 t/y of total rare earth oxides, with Hastings previously estimating a capital spend of A$517-million to bring the project online.

NAIF had previously approved a loan of A$140-million, however it has agreed to increase that amount to reflect rising costs and the recent strength of magnet rare earth prices.

The project is expected to deliver a forecast A$1.3-billion in net public benefit to the Gascoyne region and support around 700 jobs during construction and operations.

Regional benefits from the project will include improved water infrastructure and common user road, communication and airstrip upgrades.

“This project will create hundreds of jobs in the Gascoyne and Pilbara regions as well as generate significant financial returns for the Western Australian economy,” said State Development, Jobs and Trade Minister Roger Cook.

“Importantly, it is a glimpse into the near future as Western Australia develops a world-leading battery and critical minerals sector. This is using Western Australia's rare-earth minerals to build the technology to support the global shift towards decarbonisation.”

Federal Resources Minister Madeleine King said the NAIF’s support for the project was evidence of the government’s determination to grow the critical minerals sector.

“Support for projects like this underline the Albanese government’s commitment to reach net-zero emissions by 2050,” King said.

“The road to net zero runs through Australia’s resources sector. We need to support Australian mining so the industry can supply the minerals we need to build the technology of the future to support a decarbonising economy.”

NAIF CEO Craig Doyle said the funding was supporting jobs, industry and communities across the North of Australia.

“NAIF projects are forecast to support more than 15 000 jobs and contribute over A$29-billion in public benefits to the northern Australian economy,” Doyle said.