HAS Signs NTA Covering Entire 650 sq km Yangibana Project
Sydney, Nov 14, 2017 AEST (ABN Newswire) - Hastings Technology Metals Ltd (
ASX:HAS) (Hastings or Company) is pleased to announce that it has signed a Native Title Agreement (NTA) with the Thiin-Mah Warriyangka, Tharrkari and Jiwarli People (TMWTJ People) in respect of its Yangibana Rare Earths project in Western Australia.
Highlights
- Significant milestone achieved with NTA on entire tenement portfolio covering 650 sq km
- NTA a pre-requisite for formal mining permits to be issued by the Department of Mines, Industry Regulation and Safety
- Milestone payments up to maximum of $300,000 and royalty on gross sales value at less than 1%
- Hastings to provide education, training and employment opportunities.
In October 2016, the TMWTJ People registered a claim with the National Native Title Tribunal in the Federal Court of Australia over the Company's entire tenement area measuring approximately 650 sq km. This claim was lodged notwithstanding that the Company had been granted Mining Leases on mineralised ground covering approximately 50 sq km, free of a native title claim, in March 2016.
In view of the registered claim, the Company proceeded to negotiate a native title settlement agreement with the TMWTJ People.
The NTA contains a range of commercial and non-commercial terms, including future milestone payments to the TMWTJ People (equal to a maximum aggregate of $300,000 (adjusted for CPI)) in compensation for operations at different stages of the project and a royalty payment of less than 1% of the gross sales value of the Company's mixed rare earths carbonate produced from the project. In addition, the Company will provide education, training and employment opportunities for the TMTWJ People including assisting in the establishment of complementary sustainable local businesses.
The management of Hastings expresses its appreciation to the representatives and elders of the TMWTJ People for their professionalism and collaborative spirit during the period of negotiations and look forward to working with the TMWTJ People as the Company moves towards development of the mine following completion of the Definitive Feasibility Study (DFS) which is anticipated in late November.
Under the terms of the NTA, the Company is able to undertake operations directed towards the exploration for, identification, development and production of mixed rare earths carbonates from within the entire 650 sq km project area.
A key feature of the NTA is also the establishment of a TMWTJ Community Development Trust Fund which will be administered by the TMWTJ People for the benefit of the community.
The NTA is a pre-requisite for formal mining permits to be issued by Western Australia's Department of Mines, Industry Regulation and Safety (DMIRS) for the Yangibana Rare Earths project.
Charles Lew, Chairman commented "this is a major milestone for Hastings which allows us to move forward with confidence to the next development and financing stage of the project following completion of the DFS. We have built a solid and mutually respectful relationship with the TMWTJ People in the last 12 months of negotiations and we look forward to working with the elders to achieve the aspirations of Hastings and the TMWTJ People."
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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