And looking at the new President’s actions within his first week – particularly concerning policies around renewable energy and building a ‘greener’ economy’ – one could be forgiven for thinking of the paradox of ‘an unstoppable force’ meeting ‘an immovable object.’

That is to say, Trump appears to present an immovable position of disdain towards environmentally friendly policies and clean energy transport – and a desire to emphasize fossil fuels instead.

However, he is faced with the unstoppable force of a global energy transition, underscored in particular by the growing popularity of electric vehicles (EVs).

And market-watchers might also ask, what could this mean for ASX-listed companies focused on critical minerals?

In his first week – starting January 20 – Trump signed a swathe of executive orders, including one promising to get rid of what he described as an ‘electric vehicle mandate’ imposed by the Biden administration.

This referred to an executive order signed by Joe Biden in 2021 which was pushing for half of all vehicles sold in the U.S. by 2030 to be EVs. While the latter was more about encouraging buyers rather than restricting their access to other cars, Trump has sought to frame the issue as a matter of promoting ‘true consumer choice.’

His own order, ‘Unleashing American Energy,’ also ends Federal funding for vehicle charging stations – subject to completion of a review process – and works to end a federal exemption relating to California which allows the state to phase out the sale of vehicles fuelled by petrol (gas) by 2035.

The first of these has already received pushback from Democrats pointing out Biden’s charger funding was part of a wider bipartisan infrastructure law, together with climate law the Inflation Reduction Act – noting any attempts to remove funds already allocated would be illegal.

To further underscore his antagonism to environmentalism, Trump has also considered a U.S. withdrawal from the Paris Agreement, with a definite order to new UN ambassador Elise Stefanik to take the country out of any commitment made in the framework of the United Nations Framework Convention on Climate Change.

Key to the electric vehicle story is the critical mineral of lithium, which has been locked in a volatile cycle, reaching a high point of 5750,000 Chinese yuan per tonne (CNY/t) in late 2022, before a dramatic fall of 86% over the last two years, as the market responded to the problem of oversupply, mainly from China.

The situation was still dicey coming into the new year; lithium prices had fallen 25% year-on-year throughout 2024.

China has also become the protagonist of an optimistic narrative for the metal as Beijing policymakers push for clean cars to make 20% of vehicles on Chinese roads by 2025.

Consumers there have been offered subsidies to buy EVs, and this was doubled in July 2024, with Chinese buyers flocking to purchase these vehicles: The latter trend was indicated by 31% growth in EV sales, year-on-year, for the first nine months of last year.

Additionally, recent data has shown the output of new energy vehicles within the country soared by 30.5% in December.

So will this demand and production mop up the lithium glut?

On one hand, the outlook for this critical metal appears to be improving – with experts tipping the global supply of lithium carbonate (LCE) to fall from 150,000 tonnes in 2024 to 80,000 in 2025.

Again, this is largely based on Chinese demand right now.

Closer to home, the commodity’s continuing low price has affected local producers and explorers, exemplified by IGO Ltd (ASX:IGO)‘s decision (taken together with joint venture partner Tianqi Lithium) to close operations at its lithium refinery in Kwinana.

While design issues at the plant were part of the story, IGO acknowledged a weak lithium price had also prompted anticipation of a net loss in the first half of the year.

This followed pullbacks from other players in the lithium space, such as NYSE-listed Albemarle: Which in August 2024 announced that expansion efforts at its Kemerton lithium hydroxide conversion site – also in Western Australia – would be rolled back, with the workforce to drop by 40%.

On the other hand, ASX-listed companies such as Chariot Corporation Ltd (ASX:CC9) – which is approaching lithium at the exploration stage, with a large tenement portfolio in Wyoming, Nevada, and Oregon – are holding tight to their assets and waiting out the price headwinds while the EV market and lithium demand rebuilds.

Saxo Head of Commodity Strategy Ole S. Hansen believes that although Trump’s new policies and approaches may stifle the United States’ drive towards electric vehicle ownership, the overall trend remains positive.

“Demand for critical metals towards the energy transformation, and specifically the EV industry, may see a slowdown in demand from the US,” he said.

“But ultimately, I do not believe it will have a material impact on the demand outlook as the energy transition will continue — also in the U.S. — as long the industry can compete with traditional producers.

“The 50% target (of Biden’s) I believe was never realistic and it’s not my belief that miners have based their demand outlook on that assumption.”

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Clark – which is part of South32’s wider Hermosa project in Arizona – is right now the most advanced of all projects of this kind in the country, progressing quickly towards production of this material from locally sourced ore.

In line with this, South32 aims to focus its efforts on development of a commercial-scale manganese production facility, with the DOE to provide 30 per cent of the cost of the manganese production facility – up to the grant award of US$166M – for this to happen.

This will be on a cost-share basis, and subject to final negotiation.

South32 is now speaking to potential customers to push ahead with product qualifications for battery manufacturing, with this including potential agreements for future supply following the signing of multiple non-binding Memorandums of Understanding.

It is also progressing underground exploration, plus the construction of a decline at the deposit, which will enable bulk sampling through a demonstration plant.

Executive Office Graham Kerr said the funding was a welcome recognition of the project’s value.

“We welcome this grant from the US Department of Energy, which recognises Clark’s potential to supply battery-grade manganese to the emerging North American market,” he said.

“Hermosa represents a regional scale project with the potential to produce commodities critical to a low-carbon future across multiple deposits for decades to come.

“Following final investment approval earlier in the year, construction of our large-scale, long-life Taylor zinc-lead-silver project is progressing as planned.

“Our investment in Taylor will unlock value for future growth options, including Clark, by establishing significant shared infrastructure.”

South32 shares moved slightly up on the news. At 12:06 AEST, they were trading at $3.23 – an increase of 0.78% since the market opened.

Positioned to become a leader in high-performance electric power conversion devices, the company’s Zero Voltage Switching (ZVS) inverter technology platform aims to address inefficiencies in conventional inverters on the market today. This offers a solution that enhances power conversion across various sectors. This article takes a deeper look into Hillcrest’s technology, its applications and the company’s strategy for commercialization and growth.

According to Bloomberg NEF, the global energy storage market almost tripled in 2023, marking the largest year-on-year gain on record. In 2024, the global energy storage sector is set to add more than 100 gigawatt-hours of capacity for the first time. As energy storage capabilities expand, the demand for power inverters is skyrocketing.

Fortune Business Insights recently reported that the power inverter market is projected to grow from US$46.57 billion in 2023 to US$209.74 billion by 2032, at a compound annual growth rate (CAGR) of 18.62 per cent. These projections expose the burgeoning demand for advanced power conversion technologies, a demand that Vancouver-based Hillcrest Energy Technologies is well-positioned to meet.

Hillcrest recently announced that demonstration slots for its Zero Voltage Switching (ZVS) inverter technology are fully booked for 2024, reflecting the high interest from EV manufacturers and the sectors covering various grid applications, such a utility-scale solar and wind generation as well as energy storage and EV charging.

“Over the past few months, several clients have inquired about our industry-leading ZVS technology for improving power factor correction,” Don Currie, CEO of Hillcrest Energy Technologies said in a release on this news. “We are currently in discussions with five customers who have requested demonstrations. This new prototype allows us to showcase the superior efficiency and cost-saving potential of our ZVS technology in this new application.”

Hillcrest’s inverter technology platform is a game-changer in the field of power electronics. At the heart of this platform is the ZVS inverter, a device that significantly improves efficiency in converting direct current (DC) to alternating current (AC), and vice-versa.

Traditional inverters often suffer from power losses during the switching process, but Hillcrest’s ZVS inverter minimizes these losses, achieving an impressive efficiency rate of up to 99.7 per cent. This advancement positions Hillcrest’s technology far ahead of conventional inverters available in the market.

The company produced a video explaining the technology:

The ZVS inverter operates by ensuring that voltage is reduced to zero before switching occurs, effectively eliminating the primary cause of power loss and heat generation in standard inverters. This technology can be applied across various electrification systems, including:

In regions like Australia, where vast distances and the need for robust infrastructure are significant challenges, Hillcrest’s technology can play a critical role. Australia’s total electricity consumption has grown nearly 8% over the past decade, more than France, Germany, Japan or the U.K. Achieving this will require more efficient.

technologies such as Hillcrest’s ZVS inverter to optimize power generation and distribution.

Hillcrest’s ZVS inverters offer superior electromagnetic compatibility (EMC) and industry-leading efficiency of up to 99.7 per cent. These features translate into significant cost savings, estimated at up to US$2,200 per vehicle in EV applications. In stationary applications, such as grid-tied energy generation and storage, Hillcrest’s ZVS inverters promise to enhance power production and storage capabilities, contributing to substantial cost reductions. For instance, a 250MW solar farm using Hillcrest’s technology could deliver 5MW more power to the grid, generating millions of dollars in additional revenue over its lifetime.

As Hillcrest makes strident steps towards commercialization, it is also expanding its market reach through strategic partnerships. In June, the company announced a joint development agreement with Norway’s Ocean Batteries AS, an innovator in the marine electrification space. The agreement focuses on the delivery of 300kVA | 800V Hillcrest ZVS inverter prototypes, which will be designed and tested for integration into Ocean Batteries’ onshore energy storage systems.

“Marine applications demand unparalleled efficiency, uptime and safety,” Ocean Batteries’ CEO, Kent Thoresen, said in news release about this partnership. “We design our systems to consistently deliver superior uptime, performance and reliability. We make sure we understand the end user’s application and tailor-make the solution to match the needs of the individual vessel. Through our partnership with Hillcrest Energy Technologies, we are aiming to set a new benchmark in the energy storage sector, contributing to a cleaner, more sustainable future.”

Hillcrest Energy Technologies is not just a concept but a proven solution ready for commercialization. The company is in advanced discussions with original equipment manufacturers in Germany who are leaders in automotive and industrial sectors. These partnerships are crucial for implementing Hillcrest’s technology in next-generation powertrains and grid applications. One notable project is the Ocean Batteries initiative, aimed at enhancing energy storage solutions for shipyards. This collaboration will see Hillcrest’s ZVS inverter technology integrated into energy storage systems, improving efficiency and reducing costs. This project exemplifies how Hillcrest’s technology can accelerate revenue generation and pave the way for broader market adoption.

Earlier this year, Hillcrest announced the successful completion of its first in-vehicle demonstration of its ZVS traction inverter, conducted in partnership with Hercules Electric Mobility, a leading player in electric mobility solutions. The successful demonstration was the first time the company tested its technology outside the lab in a fully integrated, real-life, and uncontrolled environment. The demonstration took place in a Hercules Electric Mobility-powered E-boat on Orchard Lake, Michigan, approximately 44 kilometres north of Detroit.

Hillcrest’s power conversion technology has also garnered significant interest from utility companies worldwide, including in its home province of British Columbia. In April, the company entered into a collaboration agreement with Powertech Labs Inc, a wholly owned subsidiary of BC Hydro. Under this agreement, Powertech Labs will provide testing and consulting services to assist Hillcrest in the development and validation of its ZVS inverter technology for grid-connected applications.

Leveraging their partnerships, successful demos, seasoned experts and strong industry relationships, Hillcrest has positioned itself as a key player in the clean energy technology sector. The company’s technology is proving to be versatile and applicable across multiple industries, from EVs to marine applications and grid-connected energy storage systems.

Hillcrest’s potential to revolutionize the power conversion industry is driven by a team of seasoned professionals with relevant and extensive experience as well as proven success within the industry. Michael Moscowitz, the former CEO and chairman of Panasonic North America, is a member of Hillcrest’s board of directors. The company’s advisors include industry veterans such as automotive executives Dan Coker and Dr Heinz-Georg Burghoff. Their combined industry expertise and extensive networks ensures that Hillcrest is well-positioned to capitalize on its innovative technology.

The technical team, led by Ari Berger and Harald Hengstenberger, brings unparalleled knowledge and experience in power electronics and power conversion technologies. Their ability to crack the ZVS code that has eluded others for decades is a testament to Hillcrest’s unique capabilities as a company.

“Each member of our technical team brings decades of experience and deep industry networks. It is incredible for such a young company to possess this much know-how under one roof” the company’s Chief Operating Officer, Jamie Hogue explained in an exclusive interview with The Market Online. “Then you add the commercial leaders advising us on strategy and facilitating industry introductions, and we are unstoppable. Over the past eighteen months, we’ve landed demonstrations and collaborative projects that have each taught us something new. We’ve leveraged that knowledge and now, nearly every one of the customers we are talking to is global in scale, be it automotive or grid-connected power or industrial applications. It’s very hard for a company our size to get in those doors. I think that is a success story in and of itself.”

Hillcrest Energy Technologies represents a compelling investment opportunity in the clean technology sector. With its revolutionary ZVS inverter technology, the company addresses critical inefficiencies in power conversion, offering a solution that enhances efficiency and reduces costs across various applications. Backed by a team of industry experts and a robust commercialization strategy, Hillcrest is well-positioned to capitalize on the growing demand for efficient power conversion technologies. As the market for electrification continues to expand, Hillcrest’s innovative solutions and strategic partnerships are set to drive significant value for investors.

Join the discussion: Find out what everybody’s saying about this lithium penny stock on the Hillcrest Energy Technologies Bullboard, and check out the rest of Stockhouse’s stock forums and message boards.

This is sponsored content issued on behalf of Hillcrest Energy Technologies Ltd., please see full disclaimer here.

Last Monday, Albanese announced a $2 billion fund to boost projects benefitting Australian trade and investment in SEA, particularly those connected to the region’s embrace of clean energy, in addition to infrastructure investment.

A new SEA Investment Financing Facility (SEAIFF) will be managed by Export Finance Australia to provide loans, guarantees, equity and insurance for favoured projects.

But that facility also represents a larger macroeconomic story. It’s a direct result of long-held expectations and strategising on how Australia might harness the potential of a region set to collectively comprise the world’s fourth-largest economy by 2040.

The SEAIFF fund was unveiled during the Prime Minister’s meeting in Melbourne with eleven leaders from the region last week, each representing the ten member states of ASEAN (Association of Southeast Asian Nations) together with intended-member state Timor-Leste.

They had been meeting as part of an ASEAN-Australia Special Summit celebrating 50 years of Australia’s partnership with the body.

Mr Albanese had pre-empted the tilt towards SEA by declaring last week that the region was ‘Australia’s economic future’.

The relationship between Southeast Asian countries and China – currently Australia’s largest two-way trading partner – was a topic haunting the ASEAN summit last week, as Philippines President Ferdinand Marcos Jr said his country would not give up ‘a square inch’ of its territory in the South China Sea.

But there are clear divides among ASEAN constituents when it comes to the Red Dragon.

Indonesia’s President Widodo instead slated Western countries for their ‘China-phobia’. A series of Chinese-backed nickel developments in Indonesia have recently allowed the country to become the world’s largest producer of the metal.

But while Albanese points to SEA as Australia’s future, the Australian government has been steadily strengthening its relationship with Beijing at the same time.

This was most clearly reflected in Mr Albanese’s visit to China last November during which he affirmed support for the China’s growth and global engagement, with President Xi Jinping himself stating the two nations were on the ‘right path of improvement’, after turbulence through COVID.

Chinese Premier Li Qiang, meanwhile, called Albanese a “handsome boy.”

Such political engagements are believed to have cleared the way for China to reverse its block on Australian exports which began in 2020 after former PM Scott Morrison repeated tenuous claims COVID escaped from a Wuhan laboratory. Only in recent months have tensions begun to ease.

Meanwhile, diplomatic visits will be two-way. China’s foreign minister Wang Yi is set to visit Australia in late March, ahead of Premier Li Qiang’s visit later on this year.

Nevertheless, despite what appears to be an enthusiastic desire to collaborate with China coming from Canberra – a country with no shortage of Foreign Direct Investment (FDI) in Australia – Saxo Asia Pacific Senior Sales Trader Junvum Kim said the SEA story was one to watch, particularly in terms of potential upside for Australian miners.

“Indonesia plans to become a major player in the Electric Vehicle supply chain space, aiming to join the world’s top three EV battery producers by 2027 and reach 2.5 million EV users by 2025,” he said.

“Indonesia has the world’s biggest nickel reserves but little lithium – this opens the door for Australian lithium miners such as Pilbara Minerals, Mineral Resources and IGO, which have recently struggled with weak lithium prices.”

Kim pointed to Western Australia’s well-established lithium reserves – suggesting the West would continue to be the nation’s economic powerhouse regardless of who our major trading partner(s) could become.

“Australia supplies half of the world’s total lithium, most of which goes to China. However, there are now some opportunities to export lithium to Indonesia, as Chinese EV maker BYD plans on building a production facility in Indonesia later this year.”

In a broad sense, SEA is already an exciting region to watch in the future, based not only on projections for its combined economies but also its consumer base.

Indonesia alone – one of the most populated countries on earth and the largest member of ASEAN by population – is set to provide the world’s fourth largest consumer market by the end of the decade.

Indonesian President Joko Widodo, who denounced China-phobia, has before stated a desire to access Australian lithium and connect it with his country’s nickel market to build such a supply chain.

However, whether Indonesia’s move into green energy – as both a global nickel producer and emerging key consumer of batteries and electrical vehicles – truly offers upside for Australia remains to be seen.

Indonesia’s definitely motivated to be seen, at least, as a desirable location for sustainable investment. The country has even introduced a carbon tax trading scheme in recent history while being very likely to remain reliant on coal into the 2040s, per S&P Global.

But many Australian nickel miners still see Indonesia as an unwelcome market disruptor, and a lot of them are banking on a belief global consumers will come to prefer Australian nickel due to an ESG premium. Environmental regulation in Australia remains far more restrictive than that in Indonesia.

Then you’ve got a near-term political consideration as far as Indonesia is concerned.

Indonesia’s recent elections, for which March 20 is the date we get an official result, are also widely perceived to have guaranteed strongman competitor Prabowo Subianto will win. What Subianto’s stance will be on Australia’s struggling lithium sector isn’t yet clear.

Indonesia’s investment in green energy is definitely something the country is enthusiastic to set up for its own benefit – LG and Hyundai are set to begin operating near Jakarta later this year.

Vietnam, meanwhile, is following suit through development of the Vinfast battery factory in Ha Tinh province, a joint venture between EV automotive company Vinfast and Chinese battery manufacturer Gotion High-Tech, with production also set to begin this year.

Additionally, Mercedes Benz has been producing plug-in hybrid batteries in Thailand since 2019.

Australia finds itself at an interesting crossroads – but if we truly can navigate the tangled geopolitical terrain in years ahead between each SEA country, and their respective relationships with China (as well as our own,) it’s not hard to see why Canberra are $2-billion-dollars-serious about the opportunity.

Of the 17 rare earths, we’re talking here mostly about neodymium (Nd), praseodymium (Pr), dysprosium (Dy) and terbium (Tb).

They’re expensive commodities, China controls the market, and it has been closely guarding its IP around that. 

China further restricted the export of technologies around making rare earth magnets late last year. It had already banned the export of extraction and separation IP.

Australia is home to some of the world’s richest deposits but finding projects of a scale for feasible mining and processing remains a challenge.

Junior clay-hosted rare earths explorer, Mount Ridley Mines (ASX:MRD) Technical Consultant David Crook, said determining cost and price in the industry was impossible whilst there was such supply chain dominance.

“It’s going to be hard to determine what final revenue will be – that’s why a more transparent economic supply is so important,” he said.

“What we need are committed partners prepared to align with Australia’s critical minerals strategy- I think that’s exactly the way we need to go if like-minded economies want to decouple critical minerals’ supply from China, however, who is going to step up? The first that comes to mind is the US, after that it’s Europe, which has a history of small-scale rare earths processing.

“It’ll take time and there’ll be challenges, but it’s so important if we seriously want to derisk our supply chain.”

Prime Minister Anthony Albanese and Resources Minister Madeleine King seem to be on board. They announced last October a $2 billion boost to critical minerals financing to help build supply chains with the US.

We’ll take a look at Mount Ridley’s progress shortly, but important to note is the scope also of the opportunity. Australia is lagging well behind in downstream processing in a market that’s expected to be worth more than $23 billion by 2030. That’s only six years from now.

Australia is already the world’s second-largest producer of rare earths, behind China.

Already this year the Australian Government has announced backing of projects through its Australian Critical Minerals Research and Development Hub.

This includes $13.9 million to the Australian Nuclear Science and Technology Organisation (ANSTO) for a research project into fast-tracking the discovery, extraction and processing of rare earth elements from lower-grade deposits. It’s also promised $5.2 million for CSIRO to develop IP here and knowledge that can assist downstream value chains, for rare earths and also lithium.

Minister King said the Government wanted to “de-risk investment in Australia’s critical minerals sector”. 

“The Critical Minerals Facility is a cornerstone of that support, providing finance to strategically significant projects which can crowd in private investment,” she said.

“Coupled with our support for processing, we are well positioned to be a world-leading provider of critical minerals, including rare earth elements, and to support global efforts on clean energy transformation.”

Government support is vital, according to Paul Brown, the CEO of emerging producer, Hastings Technology Metals (ASX:HAS).

Hastings reports that there would need to be 13 projects the size of its Yangibana project in the Gascoyne region of Western Australia, in order to meet the supply deficit expected in 2032. 

Yangibana is about 250 kilometres northeast of Carnarvon, it covers an area of 650km2, has a 20.9 million tonne ore reserve and a predicted 17-year mine life. 

Hastings is building a $210 million beneficiation plant and is targeting its first production next year.

“We have world-class mineral deposits here in Australia and need a range of initiatives and policy settings to remain competitive and attract investment to bring new projects online,” Mr Brown said. 

“Australia is already home to one of the world’s biggest rare earth producers (Lynas Rare Earths (ASX:LYC) outside of China and significant potential exists to increase Australia’s rare earth supply based on our geology and world-class mining industry.

“By diversifying concentrated markets like rare earths with new sources of supply, we will ultimately have a much healthier and reliable industry to address the forecast supply gap for minerals to support global decarbonisation.” 

But to explore the lifecycle stages of a rare earths project, let’s start from the beginning. And, Mount Ridley Mines is an example of a company in junior exploration.

Exploration involves geological surveys and drilling to identify potential deposits. Key goals include assessing the quality and quantity of REE deposits and understanding the geological context. 

Mount Ridley Mines is working to build up kaolin clay-hosted deposits at its namesake project 90 kilometres northeast of the Port of Esperance.

It recently drilled another 155 infill holes at its priority Mia prospect in October with the results of that due this month (February). The drill pattern was designed to augment data ahead of its initial mineral resource estimate.

Mr Crook – a geologist of 40 years – is leading the operations from WA.  Mount Ridley has nine exploration licenses providing a Project area of 3400km2.

It’s been finding REEs at shallow depths, with grades regularly 1000-4000 parts per million total rare earth oxide and as high as 28,000ppm. 

“It is a very different style of mineralisation to Hastings, being hosted in clays and while the grade may seem low, it can be improved substantially through beneficiation, and ore will have a very different, much simpler processing route to most hard-rock deposits,” he said.

“The Mount Ridley project is displaying potential for large size, in a first-world jurisdiction, close to a deep water port at Esperance, and benefits from other existing critical infrastructure required for these types of projects. 

“At the moment it’s ticking all the boxes for size and metallurgy, and Mount Ridley is determined to advance the project.

“Now that we have zeroed in on a number of priority high-grade zones, the Company’s emphasis will shift to proving the metallurgy and developing a flow sheet.”

Another junior exploration company Ark Mines (ASX:AHK) is working towards a maiden JORC Mineral Resource Estimate soon, with assay results from drilling campaigns and ongoing test work. Its Sandy Mitchell mineral sands and rare earth project is in North Queensland.

Executive Director Ben Emery said the company was working to be mine-ready by late next year or early 2026.

“We’ve got all of them, the light and the heavy rare earths, we have 15 of the 17 rare earths on the periodic table, and we haven’t been able to test for the two we don’t currently have,” he said.

“We’ve tested via gravity and we can upgrade our concentrate to a marketable product.

“Rare earths recovery plant specialist Mineral Technologies has done early work that proves that in this case, single pass recoveries bring us a very saleable rare earths concentrate. We are starting pre-feasibility work now.

“We have the advantage of dealing with one landowner who holds 770km2 with the potential to be one of the largest and lowest environmental impact mines globally,” he said.

Importantly Mr Emery said Ark could avoid costs of building its own processing facilities upfront.

“Ark is working with the goal to produce rare earths with minimal dilution for shareholders, by planning to sell into the new Queensland recovery plant built for private company Currumbin Minerals,” he said.

“That facility will make a monazite concentrate feedstock that can then be sold to operations that refine that to MREC (Mixed Rare Earth Carbonate).”

Once a promising deposit is identified, the development phase begins. This involves detailed planning, feasibility studies, and obtaining necessary permits and funding.

As mentioned earlier, Hastings Technology Metals has completed that and is targeting first production of NdPr next year.

It’s established early infrastructure including the Kurrbili accommodation village and an airstrip.

Main plant construction begins this quarter.

CEO Paul Brown said overall construction was nearly a third of the way there, at 31 per cent complete. 

“Having an operating village, airstrip and bore fields provide a strong base from where we can ramp up our workforce,” Mr Brown said.

“GR Engineering Services continues to work on the detailed engineering and design of the beneficiation plant under an early works agreement – this is now more than 80 per cent complete. 

“The team continues to look at opportunities to further de-risk the project execution schedule on multiple fronts and in December we saw the arrival of the shell for the SAG mill at the port of Dampier – the first major piece of long-lead equipment for the beneficiation plant. 

“With a third of critical path items by value already ordered and on schedule for delivery, project delivery risks continue to be managed and eliminated.”

Hastings is focused now on financing.

“We have also made substantial progress on the project financing front, following the receipt of multiple financing proposals from several prospective partners which include highly reputable global mining funds,” Mr Brown said. 

“We’ve shortlisted parties for final due diligence – including site visits – and are focused on choosing the optimal funding package that will drive the best outcome for our shareholders.” 

While Hastings is focused on the development of the Yangibana mine and beneficiation plant, it’s also assessing the potential to capture more of the rare earth value chain through downstream processing. 

“Most recently, we announced a partnership with the Estonian Government to collaborate on a joint scoping study into the potential development of a hydrometallurgical plant in Estonia,” Mr Brown said.

“This builds on our 21.15 per cent investment in Neo Performance Materials (TSE:NEO) which has an operating rare earth separation facility in Estonia, and advances our long-term vision of building a rare earth magnet supply chain for the European market.

Hastings claims its NdPr TREO ratio is 37 per cent, significantly higher than Lynas’s Mt Weld mine, which has a 23 per cent ratio, which all helps when you need to fund projects like Yangibana.

Lynas is already producing.

As a $5.4 billion market cap company, Lynas Rare Earths, last quarter celebrated its first feed of material from Mt Weld into the Kalgoorlie Rare Earths Processing Facility.

Mixed rare earth carbonate (MREC) produced from the Kalgoorlie plant will be then sent to Lynas’s Malaysia plant from March where the company produces NdPr – that facility has been upgraded to be able to achieve capacity of 10,500 tonnes annually by December this year.

It has this month also completed 30 diamond drill holes and 165 reverse circulation drill holes extending exploration below and around the current Mt Weld open pit mine floor. This program was supported by its partner Japan Australia Rare Earths.

Lynas is breaking new ground in rare earths in Australia. It is just the start for an industry playing catch up with China, which also stained the industry with a dirty reputation.

Australia needs to produce magnet rare earths cleaner and greener for it to make sense.

That’s something around which Mount Ridley’s David Crook is very much aware.

“Ours will be a 21st-century mining operation with contained pits and tanks as opposed to Chinese sluicing methods – it’ll be a much more controlled process,” he said.

The list contains 26 materials deemed essential for the clean energy transition, future technologies, the economy and national security.

A question about nickel’s current exclusion was asked of BHP’s Nickel West Asset President Jessica Farrell, who was guest speaker at today’s WA Mining Club luncheon at Optus Stadium in Perth.

The mining stalwart, who has a career spanning domestic and overseas operations, is BHP’s first female employee in this role for Nickel West, a leading supplier of nickel to the battery metals market.

In her two years with Nickel West, Ms Farrell has already seen significant industry evolution – in 2016 less than 10 per cent of the company’s nickel was sold into the electric vehicle (EV) battery market, now that’s topped 85 per cent. Nickel West is selling material to manufacturers including Tesla. Still, nickel is not on the critical minerals list.

“Things are moving rapidly as the supply/demand picture adjusts,” Ms Farrell said.

“We see it as a commodity that’s absolutely needed for the future.

“Australia is well placed for this transition.”

A challenge, she noted, was the need to see supply continuously emerge whilst remaining competitive.

Ms Farrell said by 2030, 60 per cent of cars sold will be electric and by 2040, that’ll be around 90 per cent.

The world’s automotive industry is increasing the pressure on suppliers to ensure they’re managing CO2 emissions and there’s more scrutiny around processing methods and community relationships.

The update to the critical minerals list is underway, with a consultation paper released today. Submissions will be accepted until August 17.

With a view to sustainability, Ms Farrell said Nickel West would soon switch on power from two solar farms with 70,000 panels spread across 90 hectares in the northern goldfields of Western Australia. The projects include a battery energy storage facility to help power the company’s mines and concentrators in the region.

Nickel West also has a power purchase agreement with Merredin Solar Farm and Flat Rocks Wind Farm and has trialled electric vehicles in its underground operations.

Nickel West sits within BHP’s Australian minerals operations, with Mt Keith open-cut pit and Cliffs and Leinster underground mining operations. It has a concentrator in Kambalda which processes ore and concentrates from other miners too.

The company smelter at Kalgoorlie – now celebrating its 50th year – produces nickel matte. From there, it can go to Nickel West Kwinana for refining into premium-grade nickel powder and briquettes (compressed blocks) which at this stage are 99.8 per cent nickel.

While the majority of nickel produced is sold as powder and briquettes, nickel powder can be further processed at Kwinana Nickel Refinery to produce nickel sulphate for electric vehicle lithium-ion batteries.   

Under Ms Farrell’s leadership, women now make up nearly half the senior leadership team of Nickel West.

She’s driven security upgrades at the Mt Keith and Leinster mining villages and has encouraged flexible working arrangements, including part-time and job sharing within the senior leadership team.

She participated in the WA Parliamentary Inquiry into sexual harassment against women in the FIFO mining industry and has been a strong advocate for the LGBTQI+ community and Indigenous leaders at BHP.