Hastings Technology Metals Ltd Stock Market Press Releases and Company Profile

View in Other Languages Hastings Technology Metals Ltd (ASX:HAS) 与KfW IPEX-Bank签订项目融资授权委托书 Hastings Technology Metals Ltd (ASX:HAS) Signs Project Finance Mandate with KfW IPEX-Bank Hastings Technology Metals Ltd (ASX:HAS) 與KfW IPEX-Bank簽訂項目融資授權委託書 
Signs Project Finance Mandate with KfW IPEX-Bank
Signs Project Finance Mandate with KfW IPEX-Bank

Sydney, July 27, 2018 AEST (ABN Newswire) - Hastings Technology Metals Limited (googlechartASX:HAS) ("Hastings" or the "Company") is pleased to announce that it has executed an exclusive mandate with the German bank, KfW IPEX-Bank GmbH ("KfW IPEX-Bank") to provide project finance loan advisory services in relation to securing approval from Euler Hermes Aktiengesellschaft ("Euler Hermes") as mandated by the German Federal Government as administrators of the Untied Loan Guarantee scheme ("UFK Cover"). Upon approval from Euler Hermes and the authorised committees of KfW IPEX-Bank, KfW IPEX-Bank has indicated that it will provide senior debt facilities of up to A$250m for the project.

Highlights:

- Exclusive mandate executed with German KfW IPEX-Bank for project finance loan advisory services

- KfW IPEX-Bank has provided indicative terms for senior debt of up to A$250 million for the project (conditional upon UFK Cover being obtained)

- KfW IPEX-Bank to make application to Euler Hermes for German Government Untied Loan Guarantee Cover

Hastings has previously announced offtake MOU with German and Chinese companies to supply its high grade Neodymium and Praseodymium (NdPr) to its customers. It is able to feed its mixed rare earth carbonate into the German and Chinese supply chain, in particular for the automotive industry. For sales to German customers, the Company is in principle eligible for UFK Cover due to the strategic importance to Germany of securing long term future supplies of NdPr, a critical mineral necessary in the manufacture of permanent magnets for electrical motors.

The UFK Cover scheme is a German government backed insurance cover to lenders and is administered by Euler Hermes. The portion of total project debt that qualifies for UFK Cover is generally provided on attractive terms including lower interest rates and longer loan tenure.

KfW IPEX-Bank, a wholly owned subsidiary of KfW Group is a leading German export and project finance specialist with significant experience in the debt financing of mining projects worldwide. KfW IPEX-Bank's engagement is to assist Hastings in obtaining approval from Euler Hermes for UFK Cover. In addition, KfW IPEX-Bank has provided indicative senior debt terms to Hastings including a targeted total senior debt amount of up to A$250 million.

The UFK Cover and subsequent senior debt project financing is subject to a detailed due diligence process. The execution of this engagement with KfW IPEX-Bank is an important step in support of the Yangibana Rare Earths project.

Charles Lew, Executive Chairman of Hastings commented that "the signing of this mandate with the German KfW IPEX-Bank is yet another important milestone in getting the Yangibana rare earths mine financed and built. We are pleased to be a long term supplier of NdPr technology metals to German companies seeking permanent magnets and the interest of KfW IPEX-Bank to assist in the financing underscores the strategic value of our project to Germany. "


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.

abnnewswire.com 


Contact

Charles Lew
Executive Chairman
T: +65-9790-9008

Guy Robertson
Finance Director
T: +61-9078-7674



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