Duelling debt debate the latest debacle as Yangibana year-end FID hopes fade
Hastings Technology Metals has hosed down concerns of a rumble with billionaire businessman Andrew Forrest's Wyloo that risks the near-term development of the Yangibana rare earth element and niobium project in Western Australia.Wyloo backed Hastings with a A$150 million note issue in August 2022 to help secure long-lead items for Yangibana. It also allowed the would-be miner to take a take 21.
Hastings is hunting debt funding so it can resume construction, but has been forced to admit that $220 million debt offered by the Northern Australia Infrastructure Facility three years ago remains undrawn.NAIF's offer was to support an earlier plan that included a single-stage development involving beneficiation at Yangibana and a Hydrometallurgical at Onslow, on WA's coast.
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