PERTH (Miningweekly.com) – Rare earths developer Hastings Technology Metals on Tuesday announced that the Northern Australia Infrastructure Facility (NAIF) had increased its financial support for the Yangibana rare earths project, in Western Australia.
The NAIF last year approved a A$140-million investment into the construction of the Yangibana project, with Hastings now reporting that this support had increased to A$220-million with a 12.5-year tenor, subject to the completion of conditions.
Hastings said that the increased support from NAIF is in recognition of the global need for rare earth magnets required in the drive towards cleaner and renewable sources of energy.
“Hastings is very pleased with the increased support from the Northern Australia Infrastructure Facility for the Yangibana rare earths project. The higher loan quantum is recognition of the significant work that Hastings has done to progress construction activities to become Australia’s next rare earth producer,” said Hastings executive chairperson Charles Lew.
“Hastings is advancing the Yangibana rare earths project in parallel with progressing the Hastings 2.0 mine-to-magnet strategy with a clear focus on delivering the critical minerals required for decarbonisation technologies into a strategically aligned supply chain.
“The increased NAIF loan and the financial support from Wyloo Metals via the recent A$150-million exchangeable note reinforces Hastings continued progress to have Yangibana fully funded in conjunction with its strategy of developing an integrated mine to magnet supply chain that is responsibly sourced, environmental and social governance compliant and aligns with the critical minerals strategies of Australia and the European Union.”
The NAIF loan represents more than half of the A$400-million of total debt funding required for Yangibana and is aligned with Australia’s Critical Minerals Strategy and the Western Australian government’s Future Battery Industry Strategy.
The Yangibana project, which comprises a mine and beneficiation plant at the Yangibana site and a hydrometallurgical plant at the Ashburton North Strategic Industrial Area (ANSIA) near Onslow, will become Australia’s second rare earths producer and expands the country’s strategic capability in downstream processing of rare earths minerals.
The one-million-tonne-a-year Yangibana operation is expected to produce some 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.
Hastings is well advanced on construction of the enabling infrastructure at Yangibana ahead of commencing plant construction in 2023 and has commenced site works at the Onslow hydrometallurgical plant site. Activity levels at both sites will increase substantially during 2023 as plant construction commences and the construction workforce expands.