Australia’s next rare earths producer Hastings Technology Metals (ASX: HAS) has released its September Quarterly Activities report to highlight the significant progress made on its world-scale Yangibana project in WA’s Gascoyne region.
Highlights included a 37% increase in Yangibana’s total Ore Reserve to 16.7Mt at 0.95% total rare earth oxide (TREO), Within the Ore Reserve, TREO tonnes rose 15% to 158,400t, with the volume of contained neodymium and praseodymium (NdPr) – the key component in electric vehicle permanent magnets – increasing 18% to 58,300t.
Early site works at Yangibana commenced with the fly camp now operational and works on the access road and geotechnical investigations well advanced.
Hastings also received conditional approval from DevelopmentWA to construct Yangibana hydrometallurgical operation – Onslow Rare Earths Plant – in the Ashburton North Strategic Industrial Area (ANSIA), near Onslow.
The project finance process is well underway with credit approved commitments expected in Q4 2021. Hastings had $102.5 million in cash and equivalents as at 30 September 2021.
