Hastings raises A$40m from major shareholder
PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals will raise A$40-million in a strategic placement to its largest shareholder L1 Capital to accelerate key workstreams and order long-lead equipment for its Yangibana rare earths project, in Western Australia.
L1 Capital has committed to take 160-million new shares in Hastings, at a placement price of 25c each, representing a 5.7% discount to the company’s last traded price.
The shares will be issued under the company’s existing placement capacity.
Under the placement, the company will also issue L1 Capital with a one-for-two free-attaching unlisted option with an exercise price of 32.5c each and an expiry date two years from the date of issue.
“This placement demonstrates the confidence and commitment of L1 Capital to the Yangibana rare earths project,” said Hastings executive chairperson Charles Lew.
“As outlined in our recent updated project economics announcement, we are well advanced in discussions with a range of funding partners in finalising the appropriate capital structure that best positions the company for bringing Yangibana into production by 2024.
“This placement enables Hastings to continue the current pace of project development, ensuring we deliver the next large scale rare earths mine into a very strong market for our product.”
The updated project economics for Yangibana estimated that the project would require a capital investment of A$658-million, with Yangibana expected to have a mine life of 15 years, producing 15 000 t/y of mixed rare earth carbonate, containing 3 400 t/y of neodymium praseodymium.
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