(Adds background, details from the press release)
March 21 (Reuters) - Hastings Technology Metals said on Tuesday it has secured funding of up to A$100 million
($66.9 million) from government agency Export Finance Australia
for its rare earth project in Western Australia.
The Perth-based company is looking to use the funds to
develop the Yangibana Rare Earths Project which has a
substantial presence of neodymium and praseodymium resources.
The proposed financing is in addition to the existing
A$220 million commitment by the Northern Australia
Infrastructure Facility as part of the A$400 million debt
funding of the project.
The development comes as concerns over China's dominance of
critical minerals such as rare earths prompted western countries
to build their own supply chains.
Rare earths are used in a range of industries, including
the production of magnets for motors used in electric vehicles
and wind turbines.
Two weeks ago,
Lynas Rare Earths Ltd also received A$200 million in funding from Japan
to increase light and heavy rare earth materials output by
developing current and planned projects.
($1 = 1.4950 Australian dollars)
(Reporting by Mehr Bedi in Bengaluru; Editing by Subhranshu
Sahu and Dhanya Ann Thoppil)
