Yangibana Rare Earths Project
Developing the world-class Yangibana Rare Earths Project, Hastings Technology Metals is well-positioned to become Australia’s next producer of neodymium and praseodymium.
Hastings is focused on the development of the Company’s flagship Yangibana Rare Earths Project. Located 250km from Carnarvon in Western Australia’s Upper Gascoyne region, the project is located on Gifford Creek Station which covers Thiin-Mah Warriyangka, Tharrkari and Jiwarli country.
Underpinned by a world-class deposit with a globally high life of mine average NdPr:TREO ratio of 37%, the resource at Yangibana as consistently increased since 2014 and has significant exploration potential.
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.
Once developed, the Yangibana Project will establish Hastings as a significant supplier to the global critical minerals sector and generate strong returns for shareholders, local communities and the Australian economy.
Staged development strategy
In May 2023, Hastings completed a comprehensive review into the project delivery model and capital cost, confirming the Yangibana Project remains a world-class tier one project with excellent project economics.
A key outcome of the review was the introduction of a staged development strategy to reduce the upfront capital requirements and project execution risks. Under this new strategy, the project will be developed in two stages:
- Stage 1: Develop Yangibana mine and beneficiation plant to produce up to 37,000tpa of rare earth concentrate (27% REO grade) and achieve first concentrate on truck by H1 CY2025
- Stage 2: Develop Hydrometallurgy plant at Onslow to produce up to 15,000tpa of Mixed Rare Earth Carbonate (59% REO grade)
To provide greater certainty to the capital estimate and delivery schedule, Hastings has elected to adopt a fixed price Engineering, Procurement and Construction (EPC) contract model to reduce overall project risk.
On 3 May 2023, the Company announced that it had entered into a binding term sheet with GR Engineering Services Limited (GRES) for the delivery of the Yangibana beneficiation plant and associated infrastructure.
The $210m EPC contract is lower than cost estimates for an equivalent scope of works under the former Engineering, Procurement and Construction Management (EPCM) model, in addition to offering additional benefits and lowering risk in multiple areas. This includes guarantees on time, cost and product quality with first concentrate delivery in H1 CY2025, providing a pathway to early project cashflows.
Early infrastructure works
Hastings has invested $106 million in early site works to prepare Yangibana for the commencement of main construction, with works mostly finalised during FY23:
- a ~26km site access road alignment including floodways to connect Yangibana with the shire road network
- works to install water infrastructure, including six bores and a 20km pipeline to supply water to the village, mine and construction works
- construction of a 2km long airstrip to allow for up to 70-seater aircrafts
- installation of a series of communication towers to allow permanent high speed communication
- stage 1 of Kurrbili Accommodation Village, including 126 rooms, kitchen, messing facilities, RO and Waste Water Treatment Plant, medical centre, administration buildings and gym
Stage 2 of the village, including the remaining 172 rooms, the sports courts, wellness and owners offices is expected to be completed in Q3 2023.