Wyloo taps BofA to sell Yangibana rare earths stake

Staff Writer | May 4, 2026 | 3:52 am Markets Australia Rare Earth

Yangibana is located more than 1,000 km north of Perth in Western Australia. (Image courtesy of Wyloo Metals.)

Australian tycoon Andrew Forrest is reportedly seeking buyers for a majority stake in the Yangibana rare earths project in Western Australia its holds through its private investment vehicle Wyloo Metals, signalling a shift away from a sector he once championed.

Bank of America is marketing Wyloo’s 60% interest in the Western Australian project, with non-binding bids due by the end of May, according to the Australian Financial Review.

The move comes just months after Forrest said he would accelerate development of the rare earths and niobium deposit, backed by a wave of critical minerals funding deals between Australia and the United States.

Wyloo gained control of Yangibana in February last year through a debt-for-equity swap linked to a loan extended to co-owner Hastings Technology Metals (ASX: HAS). It has since acted as the project’s operator while reassessing capital costs and development timelines.

Wyloo, Hastings form JV for Yangibana rare earths project

Hastings, meanwhile, is targeting a final investment decision within 18 months after repeated delays and has seen its market value fall to about A$108 million from more than A$400 million at its peak.

Shifting focus

The sale process highlights Forrest’s changing priorities, as he has cooled on critical minerals and instead examined opportunities in nickel, including BHP’s (ASX: BHP) Nickel West. That pivot comes despite Western governments’ push to build alternative supply chains for rare earths outside China, which still dominates processing and maintains a significant cost advantage.

Yangibana hosts a high-grade orebody with an average Neodymium-Praseodymium (NdPr) ratio of 37% over a 17-year mine life, rising to 52% in some zones. About A$200 million ($144m) has already been spent on infrastructure, with an additional A$300 million ($215m) required to bring the project into production. Once operational, it is expected to produce roughly 3,400 tonnes per year of NdPr, a key input for permanent magnets.

Potential buyers are expected to include Japanese and South Korean strategic investors, while the prospect of Australian government support remains a key factor in any deal as policymakers weigh how to counter China’s dominance in the sector.