PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals has signed its first offtake memorandum of understanding (MoU) for its Yangibana project, in Western Australia.
Under the MoU with Baotou Sky Rock Rare Earths New Material, Hastings could sell some 2 500 t/y of mixed rare earth carbonate.
“This first MoU for an offtake agreement with Sky Rock is a significant milestone for the company. The high neodymium-praseodymium (NdPr) content of our orebody is gaining firm recognition in the rare earths and magnets industry,” said Hastings executive chairperson Charles Lew.
“Further offtake agreements are expected to follow, which will reinforce the company’s financing plan to fund the development of the mine and the construction of the processing plant.”
Hastings and Sky Rock will now work towards a formal agreement over the next 12 months, with pricing for the rare earths product to be based on a formula taking into account the prevailing market prices prior to shipment.