Hastings Technology Metals and Neo Performance Materials have signed a non-binding Heads of Agreement for the supply of rare earth concentrate from the Yangibana rare earths project in WA.
Under the agreement, Hastings will supply up to 25,000 tonnes per annum of concentrate for downstream processing facilities across Europe and Asia.
This will be followed up by 10,000 tonnes per annum upon completion of Yangibana Stage 2.
“The signing of this Heads of Agreement builds on Hastings’ strategic investment in Neo Performance Materials, representing a significant step forward in our vision to advance synergies between both companies with a view to creating a fully integrated mine-to-magnet supply chain,” Hastings executive chair Charles Lew said.
“We share this vision with our partner Wyloo Metals, who has been very supportive in our mine-to-magnet strategy as we see a unique opportunity to be a major player in building a European centric magnet supply chain during this decade.”
The agreement covers up to 70 per cent of Yangibana Stage 1 and 2 for an initial period of 10 years, as well as providing cooperation in the areas of evaluating joint downstream processing opportunities.
“This initiative supports Neo’s strategic efforts to continue to globally diversify our sources of rare earth feedstock and to provide our customers with maximum supply chain optionality,” Neo chief executive officer Constantine Karayannopoulos said.
“The Yangibana resource is an attractive potential source of magnetic rare earths – NdPr in particular – and it could contribute to meeting the feedstock targets of our planned Estonia magnet manufacturing facility as well as a potential future page two of four expansion in North America.
“Neo looks forward to working toward a definitive agreement with Hastings on the material from the Yangibana project.”