Hastings’ Yangibana is a rare earths project in Western Australia’s Gascoyne region and contains neodymium and praseodymium, which are used to make permanent magnets. It has been lining up funding to start major construction from October onwards.
In a note sent to clients on Monday after the ASX announcement, Macquarie’s analysts said lenders’ interest in Yangibana was strong and would trim the need for equity to fund the project. Barrenjoey and King Wood Mallesons are helping Hastings with the equity/strategic interests. KPMG Corporate Finance and Herbert Smith Freehills are advising on debt project finance.
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