Hastings Technology secures A$140M state loan for Yangibana's development

The Northern Australia Infrastructure Facility agreed to provide Hastings Technology Metals Ltd. with a A$140 million loan facility for the development of the Yangibana rare earths project in Western Australia.

The facility comes with a 12.5-year tenor and is subject to precompletion conditions. Hastings is slated to make the first drawdown in early 2023.

"The commitment by NAIF will enable Hastings to finalize the funding requirements for Yangibana's development and move into full-scale construction throughout 2022, with the objective of delivering first production by 2024," Hastings Executive Chairperson Charles Lew said in a statement.

Construction is scheduled to begin in the September quarter.

The facility forms part of the A$300 million to A$400 million total debt funding required for Yangibana, the first Australian rare earths project to secure funding from the NAIF. The project will be Australia's second rare earths producer and is expected to expand the country's strategic capability in rare earths minerals downstream processing.