This mine is expected to generate around $5bn in revenue over its lifetime.
The programme will address issues in domestic critical materials supply chain, including hurdles to clean energy transition.
Hastings will have a 100% stake across the Yangibana rare earth tenement package after the acquisition.
The LOI enables a business combination of QNB Metals and Analog.
At present, LPI has a 51.55% stake in the project while MSB and Bearing have holdings of 31.31% and 17.14%, respectively.
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Each Oklo shareholder will receive 0.0206 of a B2Gold common share and A$0.0525 cash for each share held.
According to Vergara, these assets could become eventual partnerships.
The Rinco project is expected to produce battery-grade lithium carbonate.