Billionaire Andrew Forrest will invest more of his fortune in the metals needed for decarbonisation with a proposal to make a strategic investment in West Australian rare earths developer Hastings Technology Metals.
Neo, listed on the Toronto Stock Exchange, is a producer of permanent magnets and rare earth materials and owner of the only operating commercial rare earth separation facility in Europe.Hastings, with Wyloo’s backing, has entered into a binding share purchase agreement with an affiliate of Oaktree Capital Management to acquire 8,974,127 shares in Neo at $C15 a share.
The deal with IGO was struck during IGO’s pursuit of nickel miner Western Areas; as a big shareholder in Western Areas, the refinery partnership was pivotal in getting Mr Forrest to support the deal.
the wealthy is getting richer and keeps printing money
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