Yangibana Rare Earths project
NAIF Loan: Up to $220m. Investment Decision: December 2022
About the Project
NAIF’s loan will help develop the Yangibana Rare Earths project which comprises a mine site located the Gascoyne region of Western Australia and a hydrometallurgical plant located in Onslow, Western Australia.
The project is being developed by Hastings Technology Metals Limited.
The Yangibana project will produce up to 15,000 tonnes a year of neodymium and praseodymium concentrate for the international market. These components are typically used in products ranging from electric vehicles, wind turbines and robotics.
NAIF’s support of the Yangibana project will help deliver on the Australian Government’s agenda to support the critical minerals industry and further position Australia as a reliable supplier of speciality rare earth minerals.
NAIF had previously approved a loan of $140 million, however it has agreed to increase that amount to reflect rising costs and the recent strength of magnet rare earth prices.
The Yangibana project is forecast to support 500 jobs during construction and 250 roles in operations, and create an estimated $1.26 billion in net public benefit for the Greater Gascoyne region.
Other project benefits include a range of committed improvements to regional water infrastructure, roads, communication and airstrip upgrades.
The proponent’s IES includes commitments to Indigenous employment through Hastings’ native title agreement as well as procurement and employment strategies.
Related case studies
BCI Minerals Limited Mardie Salt and Potash Project
Loan for the construction and development of the Mardie Salt and Potash Project (initial Investment Decision: December 2020, additional $40m facility September 2021)
Humpty Doo Barramundi
NAIF finance assisted in the recognition of northern Australia as a leading supplier of premium saltwater farmed barramundi.
Kidston Pumped Storage Hydro Project
Kidston Pumped Hydro Project (Investment Decision July 2019)
Merricks Capital Pty Ltd, Hudson Creek Power Station and Batchelor Solar Farm
A loan to finance a 12MW gas power plant in Darwin and 10MW solar farm in Batchelor, 100km south of Darwin. Merricks Capital Pty Ltd are the equity sponsor. (Investment Decision July 2020)