Wyloo Metals invests in rare earth materials
Monica FergusonBusiness Operations Production Resource Sector climate-neutral Hastings Technology Metals magnet manufacturing rare earths developer value chain Wyloo Metals
Wyloo Metals announced a $150 million investment in Australian rare earths developer, Hastings Technology Metals.
Wyloo’s investment is in the form of $150 million in secured, exchangeable notes, which will be used by Hastings to acquire a 22.1 per cent equity interest in TSX-listed Neo Performance Materials.
“Rare earths and the permanent magnets they produce are essential enablers of the energy transition,” said Luca Giacovazzi, CEO, Wyloo Metals. “There is already a shortage of these products, and the upcoming increase in magnet demand will require continued investment.”
“This transaction with Hastings spans the value chain, from mining to magnet manufacturing. As the owner of the only commercial rare earth metals facility in Europe, Neo is strategically placed to help Europe meet its goal to become climate-neutral by 2050,” said Giacovazzi.