18% Increase in Ore Reserves, Mine Life Extended 2 Years to 13 Years

  • Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,800t or 11% to 49Kt, the key components for Electric Vehicle permanent magnets.
  • Increase in Total Rare Earths Oxide (TREO) of 11,900t or 9% to 138Kt.
  • Updated Ore Reserve extends mine life by 2 years, supporting a 13-year operational life for the Project.
  • Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11.
  • Project NPV increased by 6% to A$549 million confirming outstanding project economics.

The Directors of Hastings Technology Metals Limited (ASX:HAS) are pleased to announce an increase in the Probable Ore Reserves at the Yangibana Project in the Gascoyne region of Western Australia. Total Probable Ore Reserves have increased to 12.20 million tonnes at 1.13%TREO including 0.40%Nd2O3+Pr6O11, an 18% increase in ore reserve tonnes compared to the previously announced ASX release entitled “Reserves Increase by 34% to 10.35MT covering 10 Years Operation at Yangibana Project” dated 29 January 2019.

Charles Lew, Hastings Executive Chairman, said “with this increase in mining reserves and corresponding mine life, Hastings has one of the most exciting rare earths projects amongst our peers which has been strategically and purposefully developed over the last few years. Importantly the work completed during 2019 has significantly de-risked the project thereby delivering a high degree of confidence in our mine scheduling and future production.”

Download the full announcement at the link below.