Wyloo Metals Ltd has reached a strategic agreement with Hastings Technology Metals Ltd, announcing the formation of a joint venture (UJV) for the development of the Yangibana project , involving rare earths and niobium in Australia. This agreement establishes Wyloo as the largest shareholder in Neo Performance Materials Inc., by acquiring a significant 19.99% stake in the company.
Rare earths as a key to the energy transition
Yangibana, one of the most advanced projects in Australia, is projected to be a key source for the global supply of NdPr, an essential component in the manufacture of permanent magnets . In addition, the development of Yangibana will strengthen Wyloo’s capacity in the supply chain of critical minerals , necessary to drive the energy transition.
Wyloo, which has also emerged as a key player in the rare earths sector, is looking to increase its stake in the UJV to 70% in the future , which will give it even greater control over the rare earth mining project . The deal also involves the acquisition of redeemable bonds and a cash payment for additional Neo Performance Materials shares , according to a statement from the company itself.
This step solidifies the company’s position in the strategic minerals industry, with a clear focus on the essential elements for sustainable technologies of the future.
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Source and photo: Wyloo