Hastings Technology Metals signs MoU with Saudi Arabia: delivers vision for growth [Video]

Hastings Technology Metals Ltd (ASX:HAS, OTC:HSRMF) executive chairman Charles Lew talked with Proactive’s Tylah Tully about the company’s flagship Yangibana project and its strategic developments. He highlighted the resource’s rich neodymium and praseodymium reserves, critical for permanent magnets. Lew detailed Hastings’ progress, including infrastructure developments, procurement of key equipment, and a 17-year mine life projection.

Lew also explained the company’s recent Memorandum of Understanding (MoU) with Saudi Arabia’s Ministry of Investment. The partnership aligns with Saudi Arabia’s Vision 2030 to diversify its economy, focusing on rare earth value chains from mine to magnet production. Hastings aims to leverage its proprietary technology to establish a downstream operation in Saudi Arabia.

Furthermore, Lew outlined Hastings’ strategic relationships, including with ThyssenKrupp and magnet manufacturer JL Mag, to secure offtake agreements and advance its downstream capabilities. “We are very pleased and delighted to partner with a government that shares our vision,” Lew remarked.

With plans for significant growth and a …