Early-stage investment and development company Cadence Minerals has completed the sale of 30% of its working interests in the Western Australia-based Yangibana rare earths project tenements to Australia-based rare earths company Hastings Technology Metals.
Cadence received 2.45-million (worth A$9-million) of new ordinary shares in ASX-listed Hastings for its stake in the Yangibana project.
Yangibana has a net present value of A$1-billion, while Hastings has current market capitalisation of A$472-million.
Hastings is constructing a project to produce neodymium and praseodymium concentrate, with maiden production forecast to start in 2024.