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Highlights:
Hastings Technology Metals has signed a non-binding MOU with Saudi Arabia’s Ministry of Investment (MISA) to develop a rare earths downstream processing supply chain.
The agreement is part of Saudi Arabia's Vision 2030, aiming to diversify the economy and reduce reliance on oil revenue.
Hastings will assess the feasibility of constructing a hydrometallurgical plant in Saudi Arabia as part of its broader development strategy for the Yangibana Rare Earths and Niobium Project.
Hastings Technology Metals Limited (ASX:HAS) has entered a non-binding Memorandum of Understanding (MOU) with Saudi Arabia’s Ministry of Investment (MISA) to explore the development of a fully integrated rare earths downstream processing facility within the Kingdom. This collaboration is part of MISA's broader Global Supply Chain Resilience Initiative, valued at SAR 35 billion (approximately US$9 billion). The initiative is aligned with Saudi Arabia’s Vision 2030, which focuses on diversifying the nation’s economy beyond its traditional reliance on oil revenues. The goal is to foster high-tech industries, create job opportunities, and enhance research and development capabilities.
Under the terms of the MOU, Hastings will work alongside MISA to develop a rare earths processing facility, specifically focusing on the construction of a hydrometallurgical plant. This facility will support Hastings’ two-stage development strategy for its Yangibana Rare Earths and Niobium Project, located in Western Australia. The first stage of this project involves constructing a beneficiation plant at the mine site, while the second stage includes building a hydrometallurgical plant, with potential locations under consideration in Western Australia, Estonia, and Saudi Arabia.
The MOU will also enable Hastings to update its Bankable Feasibility Study and explore opportunities for strategic joint ventures and funding support from partners in Saudi Arabia. Hastings’ Executive Chairman, Charles Lew, emphasized that this agreement represents a significant step toward realizing the company’s vision of creating an integrated mine-to-magnet supply chain for rare earths.
Currently, Hastings is trading at 28 cents, and the company continues to progress its development strategy, working with the Saudi government to assess plans for the new processing facility and secure joint venture partners.
