Wyloo’s Yangibana rare earths stake sale: project metrics and risks for mine planners
Reviewed by Tom Sullivan
First reported on MINING.com
30 Second Briefing
Wyloo Metals has hired Bank of America to sell its 60% stake in the Yangibana rare earths project in Western Australia, with non-binding bids due by the end of May, marking Andrew Forrest’s retreat from a sector he previously backed heavily. Yangibana, located over 1,000 km north of Perth, has a 17-year mine plan with an average 37% NdPr ratio, locally up to 52%, and is designed to produce about 3,400 tonnes per year of NdPr for permanent magnets. Around A$200 million has already been invested in site infrastructure, with a further A$300 million required, and potential buyers are expected to include Japanese and South Korean strategic investors, likely contingent on Australian government support.
Technical Brief
- Wyloo acquired its 60% Yangibana interest via a debt-for-equity swap on a Hastings loan.
- Hastings Technology Metals retains 40% and is targeting a final investment decision within 18 months.
- Hastings’ market capitalisation has dropped from over A$400 million to about A$108 million.
- Wyloo has been acting as project operator while re-estimating capital costs and development schedule.
- The asset includes rare earths and niobium, positioning it as a multi-commodity critical minerals project.
- Location is remote, more than 1,000 km north of Perth, implying long logistics chains for construction.
- Strategic interest is expected from Japanese and South Korean buyers, conditional on Australian government backing.
Our Take
With about A$200 million already sunk into Yangibana infrastructure and a further A$300 million required, the project now sits in the mid-capex bracket of Australian rare earths in our database, which tends to attract strategic rather than purely financial bidders from the US, Japan and South Korea mentioned in the process.
The relatively high NdPr ratios reported for Yangibana (averaging 37% and up to 52% in some zones) place it toward the upper end of rare earths projects in our coverage, which typically improves offtake and financing prospects for magnet-focused supply chains outside China.
Bank of America’s role here echoes its advisory presence in Chalice Mining’s critical minerals work at Gonneville, signalling that major Western Australian critical minerals projects are increasingly turning to tier-one global banks for complex JV and strategic investor processes rather than relying solely on local brokers.
Prepared by collating external sources, AI-assisted tools, and Geomechanics.io’s proprietary mining database, then reviewed for technical accuracy & edited by our geotechnical team.
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