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.