EVs to robots: Hastings rare earths boss eyes lithium’s ascent
The new chief executive of Wyloo-backed Hastings Technology Metals, Paul Brown, hopes robots will be to the rare earths industry what electric vehicles are to lithium producers.
Robots rely heavily on permanent magnets made from rare earths, an attractive source of structural demand for critical minerals miners operating outside the lithium spotlight. Mr Brown took charge of the Forrest family backed-Hastings on Thursday, a day after his official exit from Chris Ellison’s Mineral Resources, where he oversaw the lithium business.
Paul Brown started as Hastings boss on Thursday after rising through the MinRes ranks. Bohdan Warchomij
“It’s not a demand that’s hitting us right now, but if you look at some early movers in the industry, they’re predicting quite an uptick in the requirements of robotics,” he said.
As he evaluates funding options for Hastings’ Yangibana rare earths project in Western Australia, Mr Brown expects permanent magnet demand from the robotics sector to grow, expanding on applications in the electronics, military, vehicle and renewable energy industries.
Hastings wants to move all the way downstream to producing permanent magnets.
Wyloo Metals opened the door to such a possibility last year, when it provided $150 million in finance to allow Hastings to acquire 19.9 per cent of Canadian-listed magnet maker Neo Performance Materials.
Neo broke ground on a permanent magnet plant in Estonia in July, and has a rare earths separation plant nearby, but it is unclear how a relationship with Hastings will play out.
Mr Brown said Hastings was keeping an open mind on funding for Yangibana. There is $363 million left on the pricetag for building the mine and plant to produce rare earths concentrate, and Hastings
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