The Yangibana rare earth mine covers 650 square kilometers in Western Australia Photo: Hastings
Australian mining company Hastings Technology Metals has signed a non-binding memorandum of understanding with the Enterprise and Innovation Foundation in a bid to capture a bigger share of the European Union magnet market.
The purpose of the mutual understanding agreement is to jointly carry out a study to establish whether and to what extent it is reasonable to build a hydrometallurgical plant in Estonia for the post-processing of rare earth metal concentrate. Hastings Technology Metals owns a large Yangibana rare earth mine in Western Australia, whose products are seeking to penetrate much of the European Union’s magnet market, it reports Herald of the market.
Hastings Technology Metals owns 21.5% of the Canadian company Neo Performance Materials, whose subsidiary is NPM Silmet OÜ. Neo operates a rare earth separation plant in Sillamäe and is building a permanent magnet production plant.
Director of Hastings Charles Lewis according to him, the contract signed with the Foundation for Enterprise and Innovation (EIS) is a logical step in the process of increasing the value of the Yangibana project. The deal is seen as supporting the strategic investment made in Neo, which aims to capture a larger share of the European Union magnet market.
The Memorandum of Understanding foresees possible grants, financing and tax incentives from Estonia and the European Union, which are in line with Hastings’ desire to build a European “lead magnet” supply chain.
The purpose of the supply chain is to produce materials for electric vehicle traction motors and technologies for the production of renewable energy.
By Karol Kallas
2024-01-30 03:27:48
the-australian-earth-metals-miner-has-signed-an-agreement-with-the-enterprise-and-innovation-foundation