Australia’s next rare earths producer Hastings Technology Metals Limited (ASX: HAS) is pleased to announce a significant increase in the Ore Reserve Estimate at its Yangibana Rare Earths Project (Yangibana) in Western Australia’s Gascoyne region.
- Yangibana Rare Earths Project total Ore Reserve increased 37% to 16.7Mt at 0.95% TREO.
- TREO tonnes rise 15% to 158,400t, with contained Neodymium + Praseodymium (NdPr) – the key component in electric vehicle permanent magnets – increasing 18% to (58,300t).
- The increased Yangibana Ore Reserve includes the maiden Ore Reserve for the Simon’s Find deposit – 1.7Mt at 0.57% TREO, of which 52% is NdPr – unmatched for any rare earths project.
- Yangibana’s updated Ore Reserve extends mine life to at least 15 years. Ore sorting technology will be incorporated in Yangibana’s mine development for a fourfold economic and operational boost including through:
- removing 4Mt of waste material from being processed over the life of mine (LOM);
- increasing the TREO plant feed grade by 26%.
- reducing plant reagent consumption and tailings storage volumes by 24%, and
- improving sorted ore beneficiation recoveries at Simon’s Find by 7.1%.
Total Proven and Probable Ore Reserves have increased to 16.7Mt at 0.95% Total Rare Earths Oxide (TREO) including 0.37% Nd2O3 and Pr6O11 (together, NdPr), a 37% increase in Ore Reserve tonnes compared with the previous Ore Reserve Estimate announced in 2019 (see ASX announcement, dated 4 November 2019 18% Increase in Ore Reserves, Mine Life Extended 2 Years To 13 Years). The major increase in Ore Reserve was built on the successful 2020 Exploration Program targeting five of ten key deposits at Yangibana, which delivered a significant Mineral Resource increase (see ASX announcement dated 5 May 2021 Yangibana Project Updated Measured and Indicated Resource Tonnes up 54%, TREO Oxides up 32%).
Commenting on the major increase in Yangibana’s Ore Reserve, Hastings Technology Metals Executive Chairman Charles Lew said:
“I am delighted to announce this significant increase in the Ore Reserve at Yangibana, which is the result of our successful exploration programs across existing and new deposits last year and will allow us to plan for a mine operating life of at least 15 years. Importantly, there remains substantial mineral resource upside potential at Yangibana, which we will further assess in due course.
“Today’s announcement means Hastings has maintained its outstanding record of organic growth. This, exceptional rare earths inventory increase will underpin our production target of 15,000t per annum of MREC – equivalent to 3,400t of NdPr oxides when separated.
“There is no comparable rare earths project like Yangibana. This Ore Reserve update is a key milestone in our effort to finalise debt financing so that we can get on with launching into construction activities in the second half of this year.
“Hastings is now well positioned to capitalise on this world-class rare earths project, with its unrivalled ratios of up to 52% NdPr:TREO and located in arguably the best Tier 1 mining jurisdiction in the world, as we target strong financial returns and generate significant value for our shareholders.”