ASX: HAS $
ASX: HAS $
The increasing focus on securing sustainable and strategically aligned supply chains from Western governments is bringing critical minerals, including rare earth elements, to the forefront.
Hastings has a long-term vision to pursue a strategy of building a vertically integrated mine to magnet company, and to become a major player in building a European-centric magnet supply chain during this decade.
To that end, Hastings has a strategic 20% shareholding in TSX-listed Neo Performance Materials, a market leading producer of NdFeB magnets and rare earth materials globally, providing future optionality to pursue our mine to magnet business strategy.
Neo is uniquely positioned as the owner of the only operating commercial rare earth separation and rare metals facility in Europe and have recently broken ground on its new factory in Estonia to manufacture sintered NdFeB permanent magnets.
The acquisition is funded by an investment by Wyloo Metals Ltd via the subscription of A$150 million secured, redeemable, exchangeable notes issued by Hastings. Wyloo is a subsidiary of Tattarang, one of Australia’s largest privately owned investment companies with an investment portfolio spanning across agri-food, energy, resources, property, and lifestyle.
Rare Earths Supply Chain
Mining and Processing (Yangibana Project)
• Extracting approximately 1.1 million tonnes per annum of ore
• Ore to be crushed into gravel sized particles
• Crushed ore is milled to a fine sand and processed through a froth flotation circuit
• Ore to be crushed into gravel sized particles
• Crushed ore is milled to a fine sand and processed through a froth flotation circuit
• Cracking the concentrate to produce MREC
Separation and Refining
• Separating and purifying the individual rare earth oxides
• Refining separated oxides into metals
• Processing into rare earth alloys for use in production of permanent magnets
• Processing into rare earth alloys for use in production of permanent magnets
• Production of sintered magnets for sale to manufacturers for production of components serving a wide variety of technologies, including EVs and wind turbines
