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Cadence Minerals PLC - London-based early stage investment and development company within the mineral resource sector - Notes Hastings Technology Metals Ltd's introduction of development strategy for the Yangibana rare earths project in Australia. Says initial focus will be on the construction of the Yangibana mine to produce rare earths concentrate, and develop a hydrometallurgical plant to produce mixed rare earth carbonate. Adds, the strategy will reduce upfront capital requirements and project execution risks, as well as target cashflow by the first quarter of 2025. Total project capital cost estimated at USD948 million.
Hastings Technology Metals is a Perth-based rare earth company. In January, Cadence completed the sale of its 30% stake in several mineral concessions forming part of the Yangibana project for a consideration of 2.45 million Hastings shares, equating to approximately 1.9% Hastings' share capital.
Cadence Chief Executive Officer Kiran Morzaria says: "The Cadence board remain enthusiastic shareholders and supporters of Hastings Technology Metals and the Yangibana rare earths project. We are pleased to see the project risks further reduced by the introduction of a two stage investment strategy, and we are excited by the prospects for commencement of the beneficiation plant construction within the next few months."
Current stock price: 9.03 pence, down 2.4%
12-month change: down 37%
By Sabrina Penty, Alliance News reporter
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