Australia’s next rare earths producer Hastings Technology Metals (ASX: HAS) has provided its report on exploration and development activities for the three-month period to 31 December 2021.
Most of the activity focused on the Company’s Yangibana Rare Earths Project (Yangibana) in the Gascoyne region of Western Australia.
HIGHLIGHTS:
- Resource Definition drilling commenced in late November along the 8km long Bald Hill – Simon’s Find – Frasers mineralised trend.
- Approximately 52% of the drilling or 68 holes have been drilled for 5,698m prior to end December 2021; and
- First assay results are due during March 2022 quarter.
- Yangibana Project Mining Proposal and Flora and Vegetation Environmental Management Plan were approved by regulators. • Equipment required for the Yangibana early works programme arrived on site.
- New access road centreline has been cleared to allow access to airstrip, process plant and accommodation village sites. Geotechnical assessment of infrastructure items completed.
- Early works programme designed to allow Hastings and its contractors to establish a site base at Yangibana in preparation for the main construction programme targeted for mid-202,2 subject to the completion of financing and remaining minor regulatory approvals.
- Department of Agriculture, Water and the Environment (DAWE) approval to proceed with construction of Yangibana’s downstream rare earths processing plant – Onslow Rare Earths Plant at the Ashburton North Strategic Industrial Area (ANSIA).
- Project finance awaiting final credit-approved commitments from lenders’ consortium.
- Global NdPr oxide prices rose 40% during the quarter to reach US$134.22/kg oxide EXW China. Postquarter prices continue to climb with sellers showing no intention of lowering prices at this stage.
- Hastings released its maiden Sustainability report.
- Hastings had $96.0 million in cash and equivalents as at 31 December 2021.
The business continues to remain loss time injury free. There were no incidents resulting in injury during the December quarter, with the business now LTI free for 1,249 days. INX, a workplace health and safety management system, has now been implemented as the safety ERP system to manage all aspects of Loss Prevention Inspections and Mobile Plant and Equipment inspections that are being developed. Hastings has developed and regularly updates its COVID-19 Management Plan to incorporate the latest government and health authority advice and requirements to protect the well-being of its people and the communities in which it operates. The plan manages all aspects of control access to the Perth head office and the Yangibana site to provide guidance for potential risk scenarios.
