Hastings Technology Metals (ASX:HAS) has received approval for increased financial support from the Australian government's Northern Australia Infrastructure Facility (NAIF) for the Yangibana Rare Earths project in the Gascoyne region of Western Australia.
NAIF has agreed to increase their previously announced financial support to A$220 million, with a 12½-year tenor loan facility.
This loan will cover more than half of the total debt funding required for Yangibana and is aligned with Australia’s Critical Minerals Strategy and the Western Australian Government’s Future Battery Industry Strategy.
The Yangibana project is expected to support 500 jobs during construction and 250 operational jobs upon completion.
It will also provide public benefits to the Gascoyne region and support the shift towards a lower carbon future.