PERTH (miningweekly.com) – ASX-listed Hastings Technology Metals has reported a 13% increase in the measured and indicated mineral resource at its Yangibana rare earths project, in Western Australia.
The project is now estimated to host a combined measured and indicated mineral resource of 15.1-million tonnes, with estimated total rare earth oxide increasing by 8 200 t, or 5%, to 171 000 t.
The neodymium and praseodymium oxide estimate has also increased by 7%, to 59 000 t.
The inferred resource has also increased by 25%, to 6.2-million tonnes, Hastings said on Thursday.
The mineral resource re-estimation forms part of the financial due diligence process currently being completed by Hastings.
“We are extremely pleased that this work has not only confirmed our existing mineral resource but has significantly increased the measured and indicated portions which drive mining reserves,” said Hastings executive chairperson Charles Lew.
“We are confident that the expected increase in ore reserves will extend the mine life, which underpins the project financing.”
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 over ten years, with Hastings expected to spend some A$427-million to bring the project on line.