PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals has struck a A$9-million deal with Cadence Minerals to acquire its 30% interest in the Yangibana joint venture (JV) tenements, in Western Australia.
Following the acquisition, which would be satisfied by the issue of fully paid ordinary shares in Hastings, the company would have full ownership across the entire Yangibana rare earths tenement package, which includes a 2.3-million-tonne mineral resource and a 0.73-million-tonne ore reserve.
The addition of the ore reserve is expected to immediately increase the mine life of the Yanginbana rare earths project by one year, for a total of 16 years.
“We are pleased to acquire the remaining JV working interest in the Yangibana rare earth project to take Hastings’ interest in the project to 100%. The acquisition provides Hastings an immediate increase in ore reserves and life-of-mine by up to one year,” said Hastings executive chairperson Charles Lew.
“Furthermore, it allows Hastings to perform mine project planning without the need to consider complex tenement boundary arrangements, consultation and potential issues with ore blending a JV material into the beneficiation plant. Further benefits will be unlocked in future drilling programmes aimed to extend the resource base in the areas that have been only lightly explored to date.”
Hastings recently marked the first construction blast at the A$658-million Yangibana project, with ore commissioning expected by the second half of 2024.
An updated project economics for Yangibana estimated that the project would require a capital investment of A$658-million, with Yangibana expected to produce 15 000 t/y of mixed rare earth carbonate, containing 3 400 t/y of neodymium and praseodymium.