With a AUD150M (~US$100M) investment, Wyloo Metals has become a strategic investor in Hastings Technology Metals. The funds are earmarked for Hastings to acquire a 22.1% stake in Neo Performance Materials.

Hastings is advancing the Yangibana rare earth project in Western Australia with plans to produce mixed rare earth carbonate at its Onslow site, currently under construction and planned for commissioning in 2024. Neo Performance Materials operates rare earth separation capacity through its Silmet plant in Estonia and two plants in China, forming the next step in the supply chain, as well as rare earth refining capabilities in Thailand  and China for metals, alloys and bonded neodymium iron boron (NdFeB) magnets. Silmet is currently one of the three main ex-China supply chains for Japan, the USA, the EU, and Russia, but facing its own supply risk being reliant on imported feed from Russia.

Bonded NdFeB magnets have the benefit of complex shape production through injection moulding with reduced off-cuttings, but this comes at a cost of magnet strength. Sintered NdFeB magnets are the cream of the crop, account for over 90% of total NdFeB production since the late 2000s and are the focus of demand growth coming from electric vehicle (EV) synchronous permanent magnet motors.

Wyloo recently completed its acquisition of Noront Resources in Canada, which the company noted was attractive for its exploration potential in nickel, copper and PGMs. The latest investment into rare earths sets out one of few companies gaining exposure to the full EV drivetrain technologies of battery and electric motor raw materials.