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Hastings completes Neo buy

14th October 2022

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals has completed the acquisition of a 19.9% stake in TSX-listed Neo Performance Materials Inc, for a C$134.6-million investment.

The company in August flagged a binding share purchase agreement with an affiliate of Oaktree Capital Management to acquire more than 8.9-mllion shares in Neo Performance, which is a global rare earth processing and permanent magnet producer.

The acquisition was agreed at a price of C$15 per Neo share.

Hastings said at the time that the proposed acquisition would provide the company with a strategic stake in Neo and exposure to its magnetic materials business, as well as a platform to explore potential partnership arrangements utilising Hastings’ Yangibana feedstock in Neo’s downstream rare earth operations.

Edited by Creamer Media Reporter

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