Billionaire Andrew Forrest has swooped on rare earths developer Hastings Technology Metals, which is already backed by government money.
Billionaire Andrew Forrest will invest more of his fortune in the metals needed for decarbonisation with a proposal to make a strategic investment in West Australian rare earths developer Hastings Technology Metals.
Neo, listed on the Toronto Stock Exchange, is a producer of permanent magnets and rare earth materials and owner of the only operating commercial rare earth separation facility in Europe.Hastings, with Wyloo’s backing, has entered into a binding share purchase agreement with an affiliate of Oaktree Capital Management to acquire 8,974,127 shares in Neo at $C15 a share.
The deal with IGO was struck during IGO’s pursuit of nickel miner Western Areas; as a big shareholder in Western Areas, the refinery partnership was pivotal in getting Mr Forrest to support the deal.
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