The development of Hastings Technology Metals Ltd's (ASX:HAS) (FRA:5AM) Yangibana Project continues to ramp up positively, with capital and operating cost reviews close to completion by the end of the period. Revision of detailed supporting documentation for revised capital and operating cost estimates reflecting changes to the project engineering scope as well as general industry increases around labour, consumables, and transportation costs were substantially completed.

The operating cost model revision was completed to reflect changes in labour requirements and transportation changes driven by the processing plant decoupling. Hastings continues to expand the technical project team located in Perth, while contractor DRA Global has commenced a ramp up in personnel numbers as the Project progresses towards the Engineering, Procurement and Construction Management ("EPCM") phase of construction slated for mid-2022 at both the Yangibana and Onslow sites.

Hastings is continuing to further de-risk the Project's development schedule and capital expenditure by completing detailed cost inventories with a view to awarding several contracts for major construction/fabrication works in early 2022.

Key early works in the period included:

- Progression of detailed design layouts for the Yangibana and Onslow sites with the Yangibana site layout now essentially fixed;

- Revised labour and execution planning requirements to reflect EPCM commencement in mid-2022;

- Accommodation Village - finalised review of tenders with award pending;

- Access Road - designs, construction planning and resourcing completed, with a view to expanding works in the March 2022 Quarter;

- Tailings Storage Facility design - draft preliminary design to support permitting for a 20-year expansion plan completed. Detailed design for existing 10-year facility to commence in the March 2022 Quarter;

- Progression of the airstrip design with Issued For Construction drawings due in the March 2022 Quarter for a scheduled construction start in the March 2022 Quarter; and

- Completion of a revised and updated logistics management plan with ongoing work on opportunities around the best possible use of Onslow Ports as a hub for incoming equipment and reagents during construction and into operations.

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About Hastings Technology Metals Ltd

Hastings Technology Metals Ltd (ASX:HAS) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.

Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.

Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.

Brockman Project

The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).

The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.

Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.

 

Contact

Charles Lew
Executive Chairman
+65 6220 9220

Matthew Allen
Chief Financial Officer
+61 8 6117 8634

Andrew Reid
Chief Operating Officer
+61 8 6117 8621

For media and investor queries, please contact:

Peter Klinger
Cannings Purple
+61 411 251 540 pklinger@canningspurple.com.au

Peter Kermode
Cannings Purple
+61 411 209 459 pkermode@canningspurple.com.au



Link: Half Yearly Report and Accounts


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Related Industry Topics:
Mining Rare Earths