Quarterly Activities Report
Perth, Jan 30, 2020 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (5AM:FRA) continued to progress development activities during the quarter with key accomplishments including the following;
- 18% increase in Ore Reserves, mine life extended by 2 years to 13 years
- 13% increase in Measured and Indicated Mineral Resources
- Increase in Total Rare Earths Oxide (TREO) of 8,200t or 5% to 171Kt in the Measured and Indicated Mineral Resource Categories.
- Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,000t or 7% to 59Kt in the Measured and Indicated Mineral Resource Categories.
- Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40% Nd2O3+Pr6O11
- Project NPV increased by 6% to A$549 million confirming outstanding project economics.
- Capital raising of A$12m was successfully undertaken during the quarter to sophisticated investors and shareholders.
- 95% Recovery of Ore and 52% improvement in head grade from bulk ore sorting trial
The Engineering, Procurement, Construction Management (EPCM) contract with DRA was signed on the 18 October 2019 with work including finalising the EPCM services specification, EPCM scope of work and EPCM performance guarantee for the EPCM contract.
The gas pipeline engineering development continues with OSD Pipelines managing the Front-End Engineering Design (FEED) portion of the study. This will allow the design to be refined to the point where it is ready for permit application purposes and competitive tender pricing. Progress included:
- Completion of the ground survey and alignment review.
- Cathodic protection survey was undertaken by pipeline corrosion experts.
- Constructability review was undertaken by pipeline construction experts. This included consideration for road access, staging areas for pipe laydown yards, temporary accommodation village and water access.
The Dampier to Bunbury (DBP) customer requirements form was submitted to Australian Gas Infrastructure Group (AGIG) to initiate the process to engineer the off take/metering station. Next steps include finalising heritage and flora/fauna surveys prior to Hastings submitting the required pipeline permits.
The Power-station tender package has been developed and has gone out to market with submissions for the construction and operation and maintenance packages due back in late February 2020. The tender package calls for an EPC pricing submission for the construction of the gas fired PowerStation and waste heat recovery system, and for the operation and maintenance of the facility.
Hastings has formally nominated preferred construction contractors for structural, mechanical and piping and electrical and instrumentation packages.
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/47210SZM
About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) is advancing its Yangibana Rare Earths Project in the Upper Gascoyne Region of Western Australia towards production. The proposed beneficiation and hydro metallurgy processing plant will treat rare earths deposits, predominantly monazite, hosting high neodymium and praseodymium contents to produce a mixed rare earths carbonate that will be further refined into individual rare earth oxides at processing plants overseas.
Neodymium and praseodymium are vital components in the manufacture of permanent magnets which is used in a wide and expanding range of advanced and high-tech products including electric vehicles, wind turbines, robotics, medical applications and others. Hastings aims to become the next significant producer of neodymium and praseodymium outside of China.
Hastings holds 100% interest in the most significant deposits within the overall project, and 70% interest in additional deposits that will be developed at a later date, all held under Mining Leases. Numerous prospects have been identified warranting detailed exploration to further extend the life of the project.
Brockman Project
The Brockman deposit, near Halls Creek in Western Australia, contains JORC Indicated and Inferred Mineral Resources, estimated using the guidelines of JORC Code (2012 Edition).
The Company is also progressing a Mining Lease application over the Brockman Rare Earths and Rare Metals Project.
Hastings aims to capitalise on the strong demand for critical rare earths created by the expanding demand for new technology products.
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