Hastings adjusts Yangibana price

11th March 2019 By: Esmarie Iannucci - Creamer Media Senior Deputy Editor: Australasia

PERTH (miningweekly.com) – Projected capital costs for the Yangibana rare earths project, in Western Australia, have increased from the A$335-million estimated in 2017, to A$427-million, ASX-listed Hastings Technology Metals reported.

The company on Monday said that refinements of the 2017 definitive feasibility study (DFS) had also re-calculated the project’s net present value as A$447-million, compared with the A$466-million previously estimated, with the average annual free cash flow estimated at A$137-million.

“Selection of global Tier 1 equipment suppliers, refinements of the process plant layout and changes to the tailings storage facility give further confidence in the constructability and operatability of the project,” said Hastings executive chairperson Charles Lew.

The one-million-tonne-a-year operation is expected to produce some 15 000 t/y of mixed rare earths carbonate, and around 8 850 t/y of total rare earth oxides over a mine life of around ten years.

Lew noted that subject to the receipt of final approval from the Environmental Protection Authority, construction of the processing facility and other above-ground infrastructure would start in the second half of 2019.

Construction completion is expected in the first half of 2021, depending on the finalization of project financing.