Hastings Technology Metals Secures $7 Million Investment from JL Mag Rare-Earth Co
Hastings Technology Metals, a leading rare earths producer, has announced a significant $7 million strategic investment from JL Mag Rare-Earth Co’s subsidiary, JL Mag Green Tech. This investment will result in JL Mag owning 9.8 per cent of Hastings’ enlarged issued share capital.
JL Mag Rare-Earth Co is renowned for being a top producer of rare earths permanent magnets globally. Following the completion of the investment, Han Yu, Vice President of JL Mag, will join the Board of Hastings, bringing a wealth of expertise and knowledge to the company.
The strategic investment comes at a premium of 22.8 per cent to Hastings’ recent ten-day volume weighted average price, showcasing the confidence that JL Mag has in the company’s future prospects. These funds will be instrumental in advancing the Yangibana Rare Earths Project, supplementing the $16 million previously raised in April 2024 from a renounceable rights issue.
Hastings has already completed the construction of the mine infrastructure for the Yangibana Project and is now focused on securing project debt funding to commence the construction of its beneficiation plant. The goal is to produce 37,000t per annum of mixed rare earth concentrate by the first half of 2026.
Executive Chairman of Hastings, Charles Lew, expressed his excitement about the partnership with JL Mag, highlighting the company’s position as a global leader in high-performance rare earths permanent magnets. He sees this investment as a testament to the progress and potential of the Yangibana Project, signaling a bright future for both companies.
