Business
Hastings and Neo sign non-binding Heads of Agreement for rare earth concentrate offtake and downstream collaboration
Hastings and Neo sign non-binding Heads of Agreement for rare earth concentrate offtake and downs...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Hastings and Neo sign non-binding Heads of Agreement for rare earth concentrate offtake and downstream collaboration\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n TORONTO\n \n \n ,\n \n \n June 12, 2023\n \n \n /CNW/ -\n \n \n \n \n \n \n \n \n \n \n HIGHLIGHTS\n \n \n \n \n Hastings Technology Metals (Hastings) and Neo Performance Materials (Neo) sign a non-binding Heads of Agreement (Agreement), outlining the framework for the parties to negotiate a binding commercial offtake agreement for the supply of rare earth concentrate from Stage 1 of the Yangibana Rare Earths Project (Yangibana or Project)\n \n \n In Yangibana Stage 1, Hastings would supply up to 25,000 tonnes per annum of concentrate from Q1 CY2025 for Neo's downstream processing facilities across\n \n Europe\n \n and\n \n Asia\n \n , to be followed by up to 10,000 tonnes per annum of Mixed Rare Earth Carbonate upon completion of Stage 2\n \n \n The offtake arrangement for concentrate from the Yangibana Project would provide an additional source of feedstock for NPM Silmet OÜ (Silmet), Neo's rare earth separation facility in Sillamäe,\n \n Estonia\n \n \n \n Silmet plans to produce separated rare earth oxides for Neo's sintered rare earth permanent magnet manufacturing plant under development in nearby Narva,\n \n Estonia\n \n , which is expected to supply the European electric vehicle and renewable energy markets\n \n \n The contemplated offtake arrangement could cover up to 70% of Stage 1 and 2 Yangibana production for an initial period of 10 years\n \n \n The Agreement also provides for cooperation in the areas of evaluating joint downstream processing opportunities, technical, and commercial collaboration\n \n \n \n \n Hastings Executive Chair, Mr\n \n Charles Lew\n \n , said:\n \n \n \n \"The signing of this Heads of Agreement builds on Hastings' strategic investment in Neo Performance Materials, representing a significant step forward in our vision to advance synergies between both companies with a view to creating a fully integrated...