Hastings successfully completed a Definitive Feasibility Study (DFS) for the Yangibana Project in Q42017. Independent consultants Wave International provided major support to the Company by managing this process.
Current JORC resources total 21.0 million tonnes at 1.17% Total Rare Earths Oxides (TREO) comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% TREO), including 0.40% Nd2O3+Pr6O11.
Based on these resources, geotechnical and metallurgical results, mining studies and predicted commodity prices, Snowden Mining Industry Consultants has established Probable Reserves of 7.74 million tonnes at 1.13% TREO including 0.43% Nd2O3+Pr6O11.
Metallurgical testwork has continued to produce excellent results from both beneficiation and hydrometallurgical sectors and the Company has successfully completed pilot plant tests. Subsequent tests improved results even further, with results incorporated in the DFS. Further improvements will be sought as the project moves towards development.
All studies are well advanced regarding geotechnical conditions, environmental studies, and groundwater studies sourcing supply for the planned operation.
The Company has signed three Memorandum of Understanding (MOU) 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 Earths 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
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About Hastings Metal
Hastings Technology Metals Ltd is a leading Australian rare earths company.