PERTH (miningweekly.com) – Rare earths hopeful Hastings Technology Metals has extended the mine life of its Yangibana project, in Western Australia, by two years, with an 18% increase to the project’s ore reserves.
Hastings on Monday reported that the total rare earth oxide estimate for the project had increased by 9%, or 11 900 t, to 138 000 t, while the neodymium and praseodymium oxide estimate had increased by 11%, or 4 800 t, to 49 000 t.
The project’s probable ore reserve tonnage increased by 18%, to 12.2-million tonnes, at 1.13% total rare earth oxide.
The increase in the ore reserve has resulted in the mine life of Yangibana extending to 13 years, resulting in the project’s net present value increasing by 6%, to A$549-million.
Hastings executive chairperson Charles Lew said that with the increase in the mining reserve and the corresponding mine life, Hastings has one of the most exciting rare earths projects among peer companies.
“Importantly, the work completed during 2019 has significantly de-risked the project, thereby delivering a high degree of confidence in our mine scheduling and future production.”
The one-million-tonne-a-year Yangibana operation is expected to produce some 15 000 t/y of mixed rare earths carbonate, and about 8 850 t/y of total rare earth oxides, with Hastings expected to spend some A$517-million to bring the project on line.