Hastings Technology Metals Ltd (ASX: HAS) has announced at 37% increase in total tonnage to the ore reserve estimate at its Yangibana Rare Earths Project in Western Australia. The company expects that the increase will extend the life of the mine by at least 15 years.
The results come on the back of an extensive exploration campaign carried out in 2020, targeting five of ten key deposits at Yangibana.
Increased ore reserves
The total ore reserve for the project has increased by 37% to 16.7 mega tonnes @ 0.95% TREO, with TREO tonnes increasing by 15% to 158,400 tonnes. Contained neodymium + praseodymium (NdPr), a key ingredient in EV + wind turbine permanent magnets, has increased by 18% to 58,300 tonnes.
The increase in the total Yangibana ore reserve is inclusive of the maiden ore reserve for the Simon’s Find deposit of 1.7 mega tonnes @ 0.57% TREO, of which 52% is NdPr. The company describes this as “unmatched” amongst rare earths projects.
Hastings reports that ore sorting technology will be incorporated in Yangibana’s mine development to provide a series of four key efficiencies including:
- removing a total of 4Mt of waste material over the life of mine from being processed
- upgrading TREO plant feed grade by 26%
- reducing plant reagent consumption and tailings storage by 24%
- improving sorted-ore beneficiation recoveries at the Simon’s Find deposit by 7.1%.
“Hastings is now well positioned to capitalise on this world-class rare earths project, with its unrivalled ratios of up to 52% NdPr:TREO”
Hastings Technology Metals Executive Chairman Charles Lew said: “I am delighted to announce this significant increase in the Ore Reserve at Yangibana, which is the result of our successful exploration programs across existing and new deposits last year and will allow us to plan for a mine operating life of at least 15 years. Importantly, there remains substantial mineral resource upside potential at Yangibana, which we will further assess in due course.
Today’s announcement means Hastings has maintained its outstanding record of organic growth. This, exceptional rare earths inventory increase will underpin our production target of 15,000t per annum of MREC – equivalent to 3,400t of NdPr oxides when separated.
There is no comparable rare earths project like Yangibana. This Ore Reserve update is a key milestone in our effort to finalise debt financing so that we can get on with launching into construction activities in the second half of this year.
Hastings is now well positioned to capitalise on this world-class rare earths project, with its unrivalled ratios of up to 52% NdPr:TREO and located in arguably the best Tier 1 mining jurisdiction in the world, as we target strong financial returns and generate significant value for our shareholders.”
Images: Hastings Technology Metals Ltd