Hastings Rare Metals' scoping in WA proves positive
PERTH (miningweekly.com) – A scoping study into ASX-listed Hastings Rare Metals’ Yangibana project, Western Australia, has revealed that it could support a one-million-tonne-a-year operation, with a 15-year mine life.
The scoping study estimated that the project could deliver about 2 700 t/y of neodymium oxide, 750 t/y of praseodymium, 40 t/y of dysprosium oxide and 70 t/y of europium oxide.
The project would require a capital investment of about A$390-million, with payback expected within less than two years. The project was also estimated to have a pre-tax net present value of between A$900-million and A$1.2-billion, and an internal rate of return of 62.5%.
Hastings told shareholders on Wednesday that its decision to focus its project evaluation on the four target rare-earth elements was based on the evaluation of a number of recent publications relating to the comparative demand growth rates of various rare earths.
Hastings said that it was confident that it would be able to achieve full market penetration for its four target rare-earth oxide products, adding that assessment of other rare earths comprising the Yangibana mineralisation would be undertaken at a later date, and would only improve the economics of the project.
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