Australia’s next rare earths producer Hastings Technology Metals has published its annual report for the year to 30 June 2021, signing off on a highly successful 12-month period that included a transformational equity raising, core offtake deals and a major advances to the Yangibana project in Western Australia’s Gascoyne region.
Key outcomes in FY21 included:
- a 10-year binding offtake contract with thyssenkrupp Materials Trading GmbH, which includes a commitment for Hastings to supply 9,000tpa of MREC – equivalent to 60% of Yangibana’s annual production – for the first five years;
- a $100.7 million equity raising in February
- a decoupling of Yangibana’s hydrometallurgical plant location to the Ashburton North Strategic Industrial Area near Onslow;
- a 54% increase in the Minera Resource tonnes at Yangibana following a highly successful drilling campaign; and
- advances with potential debt providers including NAIF.