EXPLORATION & DEVELOPMENT

Hastings sees 12-year life

Hastings Technology Metals has boosted ore reserves for Yangibana rare earths by 34%

Staff reporter
Hastings' Yangibana project

Hastings' Yangibana project

Probable ore reserves now stand at 10.35 million tonnes at 1.22% total rare earth oxide, including 0.43% neodymium and praseodymium.

The increase extends the proposed mine life at Yangibana by three years to 12 years.

It also increases the net present value to A$516 million.

The project also has an internal rate of return of 32% and payback period of two years.

Capital costs are expected to be $335 million.

German bank KFW-Ipex Bank has been appointed to provide up to $250 million in debt facilities.

Hastings said it was in discussions with a range of equity investors in Australia and Asia to raise a further $100 million, which is expected to be carried out in the next six months.

Shares in Hastings were unchanged at 16.5c, valuing the company at $128.3 million.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

A growing series of reports, each focused on a key discussion point for the mining sector, brought to you by the Mining News Intelligence team.

editions

Mining Company ESG Index: Benchmarking the Future of Sustainable Mining

The Mining Company ESG Index report provides an in-depth evaluation of ESG performance of 61 of the world's largest mining companies. Using a robust framework, it assesses each company across 9 meticulously weighted indicators within 6 essential pillars.

editions

Mining Journal Intelligence Global Leadership Report 2024: Net Zero

Gain insights into decarbonisation trends and strategies from interviews with 20+ top mining executives and experts plus an industrywide survey.

editions

Mining Journal Intelligence Project Pipeline Handbook 2024

View our 50 top mining projects, handpicked using a unique, objective selection process from a database of 450+ global assets.

editions

MiningNews.net Research Report 2024

Access a multi-pronged tool to identify critical risks and opportunities in Australia’s mining industry.