Hastings Technology Metals to Sell 60% Stake in Western Australia Rare Earths-Niobium Project to Wyloo

MT Newswires Live

05/16

Hastings Technology Metals (ASX:HAS) executed a definitive transaction agreement with Wyloo Consolidated Investments and its related entities to sell a 60% stake in the Yangibana rare earths-niobium project in Western Australia to Wyloo, according to a Friday Australian bourse filing.

This will lead to the formation of a 60-40 unincorporated joint venture for the project, and Wyloo will be appointed as the manager to drive project development, funding, and other technical aspects.

Tony Chamberlain, the special projects director at Wyloo, will be appointed project director for the joint venture.

The completion of the deal is subject to shareholder approval, as well as other customary regulatory approvals.

Hastings also named Addie Choon as its acting chief financial officer in April.

Its shares rose 3% on market close on Friday.

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