Australia's next rare earths producer Hastings Technology Metals Ltd (
Yangibana is expected to produce rare earth concentrates for more than 15 years and will contribute some 6-8% of the world's production of Neodymium and Praseodymium, the two most sort after rare earth elements.
Hastings anticipates that a large percentage of the A$658 million project spend will be awarded to companies based in Australia, with the majority going to companies based in Western Australia.
As at the end of May 2022 contracts have been awarded for village earthworks and construction, communications and water supply infrastructure and other miscellaneous works.
Andrew Reid, Hastings' Chief Operating Officer, said:
"The Hastings team is progressing on many work fronts at Yangibana, ably supported by its trusted contracting partners. Getting the airstrip, communications and accommodation infrastructure is vital to allow the activation of the large workforce required to commence process plant construction once FID has been announced. Hastings is excited by progress made to date and is on track for commissioning during the latter part of 2024."
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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.
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.
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