Yangibana Project Status

The Yangibana Project is advancing towards the completion of a Definitive Feasibility Study (DFS) expected Q42017.  Independent consultants Wave International are providing support for the Company by managing this process.

Current JORC resources total 20.5 million tonnes at 1.18% Total Rare Earths Oxides (TREO) comprising Measured Resources of 3.8 million tonnes at 1.18% TREO, Indicated Resources of 8.2 million tonnes at 1.27% TREO and Inferred Resources of 8.5 million tonnes at 1.11% TREO), including 0.4% Nd2O3+Pr6O11.  

Based on operational and commodity price parameters established by the Company, mining consultants will undertake pit optimisation studies and establish the first reserves for the Project.  Preliminary mining studies indicate potential profitability even at current low commodity prices.

Metallurgical testwork has continued to produce excellent results from both beneficiation and hydrometallurgical sectors and the Company has successfully completed pilot plant tests.  Further improvements have been achieved after the completion of the pilot plant operation and these will be incorporated in the DFS.

Process design is being undertaken by the Company’s consulting engineering company.

All studies are well advanced regarding geotechnical conditions, environmental studies, and groundwater studies sourcing supply for the planned operation.

The Company has signed three MOU (Memorandum of Understanding) offtake agreements, with Qiandong Rare Earths, China Rare Earth Holdings, and Baotou Sky Rock Rare Earth, to sell a total of 6,000 tonnes of Mixed Rare Earth Carbonate (MREC) per annum. The parties have undertaken to negotiate in good faith to reach an agreement for a commercial offtake contract within 12 months from the date of the MOU, and acknowledge that any commercial offtake agreement is contingent on Hastings starting operations and production of MREC from the Yangibana mine.

 

 Yangi Nov 17