- Hastings Technology Metals (HAS) signs Memorandum of Understanding with Belgian chemical company Solvay
- The deal involves the potential supply of 2,500 tonnes of mixed rare earth carbonate per year from the Hastings Yangibon project in Washington
- The product will be shipped to Solvay’s La Rochelle plant in France, which supports its plans to expand production of select rare earth oxides for the permanent magnet market.
- Hastings Technology Metals closed the session at $3.30 per share on Tuesday
Hastings Technology Metals (HAS) has signed a non-binding memorandum of understanding with Belgian chemical company Solvay.
The companies intend to enter into a commercial agreement to supply Hastings with an initial 2,500 tonnes of mixed rare earth carbonate (MREC) per annum from its Yangibana rare earth project in Western Australia.
MREC will be directed to Solvay’s 40-hectare plant in La Rochelle, France. The plant produces about 4,000 tons of rare earth products each year for catalysis, automotive pollution control, polishing and electronics.
Solvay recently announced plans to expand and modernize its La Rochelle plant to produce select rare earth oxides for the permanent magnet market.
“After announcing our plan to make La Rochelle the center of rare earth elements in Europe, we are excited to take the next step,” said Solvay CEO Ilham Kadri.
“We want to help Europe power its new economy with more autonomous and sustainable solutions for electromobility, clean energy production and sensitive electronics.”
Similarly, Hastings executive chairman Charles Lew said the deal is also “significant” for Hastings.
“It lays the foundation for a long-term partnership with Solvay for our mine-to-magnet strategy, which is in line with our European business model,” said Mr Lew.
Hastings Technology Metals closed the session at $3.30 per share on Tuesday.