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With a clear focus on developing the world-class Yangibana Rare Earths Project, Hastings Technology Metals Limited (ASX:HAS) is well-positioned to become Australia’s next producer of neodymium and praseodymium concentrate (NdPr).
Located 250km north-east of Carnarvon in Western Australia’s Gascoyne region, Hastings’ flagship Yangibana Rare Earths Project covers a total area of 650 square kilometres and is underpinned by one of the world’s most highly valued NdPr deposits, with an average life-of-mine NdPr:TREO ratio of 37% and up to 52% in some areas of the orebody.
With an initial mine life of 17 years, Yangibana will become a globally significant source of NdPr, a critical component in the manufacture of permanent magnets used in advanced technology products from electric vehicles to renewable energy, humanoid robotics, medical applications and digital devices.
Fully permitted for first rare earth concentrate production in the first half of 2025, Yangibana is well-timed to meet the forecast supply gap for rare earth elements accelerated by the growth in electric vehicles and wind turbines, both vital for the global energy transition.
Hastings will develop the project in two stages with an initial focus on the construction of the Yangibana mine and beneficiation plant to produce up to 37,000 tonnes per annum of mixed rare earth concentrate, followed by the construction of a hydrometallurgical plant in Onslow with the capacity to produce up to 15,000 tonnes per annum of Mixed Rare Earth Carbonate.
In 2022, Hastings acquired a strategic 19.9% shareholding in TSX-listed Neo Performance Materials – a leading global rare earth processing and advanced permanent magnets producer – providing the Company with the opportunity to explore opportunities to create a mine-to-magnet supply chain.
Once developed, the world-class Yangibana Project will establish Hastings as a significant supplier in the global critical minerals sector and generate strong returns for shareholders, investors and for the Australian economy and local communities.
Yangibana project covers an area of 650sqkm and is located 270km east-northeast of Carnarvon on Gifford Creek Station in the Gascoyne region of Western Australia.
The Yangibana deposit contains a predominance of Neodymium, Praseodymium, Dysprosium and Europium. These rare earths are used in the growing permanent magnets and phospors markets.
Current resources and prospects represent 24.2km cumulative strike of the prospective ironstone intrusions, which delivered the current Total JORC resource of 29.93Mt @ 0.93 % TREO (0.32% Nd2O3+Pr6O11) (announced 30 October 2022), from which 20.93Mt @ 0.90% TREO (or 0.33% Nd2O3+Pr6O11) Proved and Probable Ore Reserves have been derived (announced 6 February 2023).