Hastings Technology Metals will raise $ 24.5 million for its $ 427 million Yanibana Rare Earth project, which will provide materials for electric vehicle-specific magnets. The $ 24.5 million financing includes a $ 8 million stock placement plan and a $ 16.5 million stock placement plan.
If commissioned as early as 2020, it will be the same as Lynas Corporation ’s Mt Weld mine near Laverton and the Northern minerals Brown Range near Halls Creek, Become one of the few rare earth ore outside China.
Hastings hopes to produce a compound consisting of two rare earth elements, neodymium and praseodymium. Neodymium and praseodymium can be used to produce permanent magnet materials for electric vehicles, and demand for electric vehicles is growing.
With 70% of the company's shares in Malaysia, it subsequently awarded two key component design contracts.