Australian tycoon Andrew Forrest’s Wyloo has agreed to form an unincorporated joint venture with Hastings Technology Metals (ASX: HAS) for the Yangibana rare earths and niobium project in Western Australia.
Forrest’s private investment vehicle will hold a 60% participating interest in the JV, serving as the manager and operator, while Hastings’ wholly owned subsidiary, Yangibana Jubilee, will retain a 40% stake. Wyloo will also have the option to increase its share to 70%.
“Partnering with Wyloo brings incremental technical expertise and strong financial backing to our project, which is already one-third completed,” Hastings executive chair Charles Lew said.
“The early termination of the Wyloo exchangeable notes and bringing in a strong partner at this juncture—where A$226 million has already been spent by Hastings as part of the Phase 1 and Phase 2 project development—will provide…
