Hastings Technology Metals' strategic partnership

Hastings Technology Metals (ASX:HAS) has entered into a non-binding Memorandum of Understanding (MOU) with the Ministry of Investment of Saudi Arabia. This collaboration is part of Saudi Arabia's Global Supply Chain Resilience Initiative. The MOU seeks to create a framework for developing an integrated rare earths downstream processing supply chain in Saudi Arabia, supporting the country's Vision 2030 objectives.

Hastings' rare earths initiative and future outlook

Hastings Technology Metals has signed an MOU with the Ministry of Investment of Saudi Arabia to explore developing a rare earths processing supply chain. This aligns with Saudi Arabia's Vision 2030 plan to diversify its economy. Hastings is developing its Yangibana Rare Earths and Niobium Project in two stages, with potential sites for the Hydrometallurgical Plant including Saudi Arabia. The partnership includes assessing operational costs, financing, and joint venture opportunities. Saudi Arabia's support includes refreshing Hastings' Bankable Feasibility Study and securing funding. The collaboration with JL Mag Rare-Earth Company Ltd designates them as the off-taker for downstream products and involves strategic investment. The project aims to position Saudi Arabia as a significant player in the global rare earth supply chain, reflecting Hastings' ambition to develop a vertically integrated mine-to-magnet business.

Executive insights on strategic collaboration

The MOU with MISA presents an opportunity for Hastings to explore Saudi Arabia as a potential location for our Stage 2 Hydrometallurgical Plant. This aligns with our strategy of establishing an integrated rare earths supply chain and supports Saudi Arabia's Vision 2030 goals.