PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals has signed an offtake contract with China’s Sky Rock Rare Earth New Material Company over its Yangina rare earths project, in Western Australia.
Under the terms of the offtake agreement, Sky Rock would purchase 2 500 t/y of carbonate over a five-year fixed term, with two year initial ramp-up supply flexibility.
The pricing will be based on 90-days mid Ex Works China price, and will be paid in US dollars.
Hastings executive chairperson Charles Lew said on Thursday that the execution of the five-year mixed rare earths carbonate contract was another important step towards the funding and development of the Yangibana project.
A 2017 definitive feasibility study for the Yangibana project estimated a capital cost of A$335-million to develop a project producing 15 000 t/y of mixed rare-earth carbonate.