Hastings Technology Metals and its joint venture partner Wyloo Gascoyne Pty Ltd have signed an agreement with Ucore Rare Metal to negotiate a potential offtake deal.
The non-binding heads of agreement (HoA) sets out a cooperative framework for the Yangibana joint venture to negotiate a long-term offtake agreement. Under the terms of the HoA, the Yangibana JV proposes to supply Ucore with up to 37,000 tonnes per annum of rare earth concentrate.
Vince Catania, CEO of Hastings, said: “This agreement represents a major step forward in de-risking the Yangibana Project by securing a pathway to a long-term offtake partner in the key North American market.”
The agreement will also explore the prospect of Yangibana JV and Ucore establishing an integrated rare-earth supply chain in North America using proprietary process flow technology from the Yangibana JV and integrating it with Ucore’s proprietary oxides separation technology.
Wyloo CEO, Luca Giacovazzi said: “The HoA with Ucore represents a significant step forward for the Yangibana Joint Venture and for Australia’s growing rare earths sector.
“It not only brings us a step closer to securing a long-term offtake agreement for Yangibana concentrate but also enables us to explore US downstream processing opportunities with an experienced North American partner.”
Both parties are also assessing the feasibility of a downstream hydrometallurgy plant in Louisiana in the U.S.
“The joint evaluation of a downstream Hyrdromet plant in the US demonstrates the efforts by Wyloo, Ucore and Hastings to access the financing and commercial opportunities arising from the recently announced rare earth deal by the US and Australian governments to jointly support “ready to go” projects,” Catania said.
The parties will work towards executing a definitive agreement, which is expected to be finalised after June 2026.
