PERTH (miningweekly.com) – Rare earths developer Hastings Technology Metals has signed its second offtake memorandum of understanding (MoU) over its Yangibana project, in Western Australia.
The MoU with China Rare Earth Holdings will see the two parties enter discussions to formalise a commercial offtake agreement for some 2 000 t/y of mixed rare earth carbonate.
“This second MoU for an offtake agreement with China Rare Earth Holdings is further confirmation of the confidence of potential customers in Hastings’ ability to deliver a mixed rare earth concentrate to the required specifications in accordance with its planned production timeline,” commented Hastings executive chairperson Charles Lew on Friday.
Hastings at the start of August signed its first MoU with Baotou Sky Rock Rare Earths New Material, under which it could sell some 2 500 t/y of mixed rare earth carbonate.
A previously completed prefeasibility study into the Yangibana project, in Western Australia, forecast that the mine could produce some one-million tonnes a year of ore, starting in 2019, with a mine life of seven years.
The project is expected to require a capital investment of between A$390-million and A$420-million.