Hastings secures $100m funding for Yangibana Rare Earths Project in WA

Monica Gameng   |   March 27, 2023
Aerial shot of Yangibana Project (cr: Hastings Technology Metals)

Hastings Technology Metals has secured a new $100 million funding for its Yangibana Rare Earths Project in Western Australia. 

A non-binding and conditional Letter of Support was signed by Export Finance Australia (EFA), showing its intention to provide funding – subject to board approval and due diligence – that will get works going on the Yangibana Project. 

This builds on top of the $220 million commitment from the Northern Australia Infrastructure Facility (NAIF), announced earlier this year. 

Hastings Technology Metals is looking to raise about $400 million towards the debt funding for the Yangibana Project. 

The company has already commenced a detailed cost, schedule and delivery structure review for the project to “establish the most current and realistic capital cost and scheduling targets within the overall project planning”. Hastings will then provide updates on the required final funding solution once the review is completed. 

“Hastings is pleased to have received Export Finance Australia’s Letter of Support towards the Yangibana Rare Earths Project. EFA’s support for strategically impactful critical minerals projects is welcomed. Hastings will continue the construction of the Yangibana Rare Earths Project to deliver first product to market before the end of 2025,” Hastings Technology Metals Chief Executive Officer Alwyn Vorster said. 

yangibana-mapProject map (source: Hastings Technology Metals)

The Yangibana Rare Earths Project is located in the Gascoyne region, about 250 kilometres north east of Carnarvon. The project is comprised of a rare earths mine and a beneficiation plant at the Yangibana site and a hydrometallurgical processing plant within the Ashburton North Strategic Industrial Area near Onslow in the Pilbara. 

The Yangibana Project is a significant rare earths project in Australia, with the project site covering approximately 650 square kilometres, containing substantial Neodymium and Praseodymium resources. 

The project is expected to support up to 500 full-time construction jobs and about 250 operational jobs. 

Source: Australian Mining; Hastings Technology Metals (1, 2); Reuters 

New call-to-action

Monica Gameng
As Felix's Marketing Assistant since 2015, Monica is responsible for researching and sharing new and progressing projects within the construction and mining sectors in Australia. It's no surprise that Monica has her finger on the pulse of Australian major projects given she has produced more than 1,000 posts. She truly is an industry expert.
Follow me:

Related Articles

Projects
New rare earths mine in WA will soon begin development

A new rare earths mining project in Western Australia is going to begin development soon as the Commonwealth Environmental Approval has been granted to Hastings Technology Metals for its Yangibana project. 

Projects, WA
EPC contract officially awarded for Yangibana rare earths facility

Hastings Technology Metals and GR Engineering Services (GRES) have announced that the Engineering, Procurement and Construction (EPC) contract for the beneficiation plant and associated infrastructure at the Yangibana Rare Earths Project is now being executed. 

Projects, WA
WA Yangibana Project secures new funding to progress its development

The Northern Australia Infrastructure Facility (NAIF) is increasing its support for the Yangibana Rare Earths Project in Western Australia through a $220 million loan, which the State Government welcomes. 

Get the latest project news

Formerly known as the PlantMiner blog, Felix Project News is Australia's top 10 Construction blog. Join thousands of construction and mining pros getting the best content right in their inbox.
  • updates on Australia's pipeline of state and federal projects
  • fresh contract awards from major contractors and builders

If you're looking to contact us about other matters, please contact us.