Continuing To Push Forward With Yangibana Rare Earth Development
Australian rare earths developer Hastings Technology Metals Limited (ASX: HAS) has welcomed an announcement by the Australian Government of its Resources Technology and Critical Minerals Processing National Manufacturing Priority road map.
“The Federal Government’s commitment to assisting Australia’s rare earths industry deliver on its potential is therefore most welcome,” Executive Chairman, Charles Lew, said.
“Hastings is assessing its eligibility to apply for a MMI grant under the Manufacturing Translation Stream and/or Manufacturing Integration Stream, based on Yangibana’s scale, the world-class quality of its mineral resource and the jobs and capital investment potential across regional Western Australia.
In the meantime, Hastings is continuing work on Yangibana’s Mineral Resource update and finalising the selection of a location on the Pilbara coast to host the Yangibana project’s hydrometallurgical process plant.
Hastings has set March 29, 2021 as the date for its Extraordinary General Meeting at which shareholders will be asked to approve the second tranche – $43.5 million – of a $100.7 million equity raising.
Mr Lew said Hastings Technology Metals Limited is positioned to become Australia’s next pure rare earths producer and is advancing its flagship Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production.
The proposed beneficiation and hydrometallurgy processing plant will treat rare earths deposits, predominantly monazite that host 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 are used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics and medical applications. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings also operates the Brockman Heavy Rare Earths Project near Halls Creek in the Kimberley region of Western Australia. The deposits at Brockman contain high quantities of heavy rare earths, niobium pentoxide and zirconium oxide as well as rare metals tantalum, hafnium and gallium.
