Cadence CEO Kiran Morzaria commented: "The sale of our 30% interest in a part of the Yangibana Rare Earths Project provides Cadence with an excellent return on its initial investment and equity exposure to the entire project. Yangibana's importance as a key REE resource today cannot be overstated."
• Cadence has agreed to sell its 30% working interest in the Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million)
· The sale is to be satisfied by the issue of fully paid ordinary Hastings shares
· This transaction provides Cadence with equity exposure to 100% of the Yangibana Project via its equity holding in Hastings.
· The NPV of the Yangibana Project is currently AS$ 1 billion