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Forrest's Wyloo attracted to Hastings and Canadian magnet investment

ANDREW Forrest's Wyloo Metals is backing a C$135 million investment by Hastings Technology Metals in a Toronto-listed rare earth processing and advanced permanent magnets producer called Neo Performance Materials.

Michael Quinn
Yangibana country, WA

Yangibana country, WA

The deal will see Hastings hold a 22.1% stake in Neo, with Wyloo providing the ASX-listed company with A$150 million via convertible notes. Based on Hastings' current capital structure, Wyloo would...

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