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Hastings raises more cash for rare earths project

21st August 2017

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals will raise some A$15.5-million through a share placement.

The company said on Monday that some 77.5-million new ordinary shares would be placed at a price of 20c each, under the company’s current capacity.

The funds raised would be used for infrastructure works at its Yangibana rare earths project, in Western Australia, prior to processing plant construction. This work would include the construction of the access road, acquisition and commissioning of an accommodation camp and preliminary engineering design work on the production plant.

A previously completed prefeasibility study into the Yangibana project, in Western Australia, forecast that the mine could produce some one-million tonnes a year of ore, starting in 2019, with a mine life of seven years.

The project is expected to require a capital investment of between A$390-million and A$420-million.

Edited by Creamer Media Reporter

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