Australia's Hastings Technology gets $67 million funding for rare earth project

(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