Home » Posts tagged 'hasting technology metals HAS'

Tag Archives: hasting technology metals HAS

Cadence Minerals #KDNC – Hastings Technology Metals (ASX-HAS) – Yangibana Project Capital Cost Estimate Reduced by A$68m or 13%

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that, further to the Hydromet Plant relocation announcement, Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has updated its Capital expenditure requirements previously estimated at approximately AUD$517m (ASX Investor Presentation 2 December 2019), which included a 114km gas pipeline and 14Mw gas fired power station.

Highlights:

  • Total CAPEX revised to A$449m from A$517m
  • $68m or 13% reduction in CAPEX based on Hydrometallurgical Plant relocation;

o   $79m saving by removal gas pipeline and 3rd party power offtake for Yangibana

o   $8m saving in Accommodation facility, Airstrip, Road access and Process building construction

o   $1m saving in Tailings Storage Facility construction

o   $3m saving in mining pre-strip volume reduction

o   $14m addition in Process Plant equipment and additional storage/handling facilities for relocated Hydrometallurgical Plant

o   $8m addition for indirect (EPCM) related costs

  • New CAPEX leverages heavily to accessible services in the Pilbara with available gas, power, water and telecommunications.
  • CAPEX reduction is major step towards achieving Hastings objective of becoming a significant new mid-tier Australian NdPr rare earth producer, positioned to take advantage of the strong market outlook.
  • Capital cost reduction strategies are being advanced with possibilities of additional savings in final costing which will be presented during 4Q 2020.

Capital estimates have been revised based on the recently announced decoupling and relocation of the Hydrometallurgical plant to the Pilbara Region.

The revised capital estimate is now approximately $449m (exclusive of contingencies), being $68m or 13% lower than that previously announced.

The overall project capital cost estimate was developed by DRA Global and Hastings technical personnel based on an Engineering, Procurement, Construction and Management (EPCM) approach for the process plant and infrastructure. The estimate includes all the necessary costs associated with engineering, drafting, procurement, construction, construction management, commissioning of the processing facility and associated infrastructure, mining infrastructure, first fills of plant reagents, consumables and spare parts

Estimate Structure

The estimate is based upon preliminary engineering, material take-offs and budget price quotations for major equipment and bulk commodities. Unit rates for installation were based on market enquiries specific to the material requirements planning (MRP).

The estimate pricing was obtained predominantly during quarter one 2019 (1Q19) and is in Australian dollars (A$), with new and updated pricing being included from quarter one 2020 (1Q20) and quarter two 2020 (2Q20) for those items which have been altered due to the Hydrometallurgical plant relocation. The overall capital estimate has an estimated accuracy of ±15 to 20%. This will be refined over the next few months prior to a final cost estimate release during 4Q 2020.

The capital estimate was prepared using a project Work Breakdown Structure (WBS), which delineates the various areas of the project. Individual estimates were prepared for each area covering all engineering disciplines. The capital estimate has been structured into the following major categories:

  • Direct costs;
  • Indirect costs;
  • Owner’s Costs; and
  • Contingency.

The full HAS release including detailed capital comparisons can be found at: https://www.asx.com.au/asxpdf/20200729/pdf/44kyjnpw4ljpd0.pdf

Charles Lew, Hastings Executive Chairman, said: “This new CAPEX clearly demonstrates the robust nature of the Yangibana Project and the options that it presents. Significant optimisations in project construction capital, mining and processing are starting to show the true value of the Yangibana Project to Hastings and its shareholders. We will now push ahead with re-defining operational costs to reflect the capital changes taking place and to delivering the final results to the market shortly and getting on with the job of building the project as quickly as we can. Lenders are encouraged by the Capex reduction during this challenging period for debt and equity capital market currently affecting small companies and greenfield projects.”

Cadence Minerals CEO Kiran Morzaria commented: “Securing a 13% reduction in CAPEX costs at this relatively advanced stage is a testament to the value, opportunities and potential on offer at Yangibana, and provides additional validation for our investment into this project. We look forward to further developments.”   

Cadence Minerals Yangibana Holding:

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:

https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report

 

– Ends –

For further information:

Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) To Deliver A$68m Capex Reduction Through Relocation of Yangibana HydroMetallurgical Processing Plant

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has progressed an agreement for a coastal location within the Pilbara region of Western Australia for the Yangibana Rare Earth Project’s Hydrometallurgical cracking and leaching plant.

Hasting’s proposal to decouple the Yangibana processing facility and relocate the Hydrometallurgical plant to a coastal location will add substantial value to the Yangibana Project in the near term, through reductions in required upfront capital financing. The long-term benefits include greater opportunities to optimise operating expenditure through project risk mitigation.

Hasting’s assessed a number of fully serviced locations along the coast from Port Hedland to Geraldton. The new plant location, which is being evaluated, will significantly reduce on-site capex because of the presence of existing and accessible services such as gas, water, mains power and telecommunications infrastructure.

Highlights:

  • Hastings to pursue a decoupled processing strategy and relocate Yangibana’s Hydrometallurgical plant to the Pilbara region of Western Australia
  • Decoupling strategy can reduce Yangibana’s project capex by approximately $68m:

o   reduction in on-site CAPEX associated with eliminating the need for a 114km gas pipeline

o   40% reduction in onsite water abstraction and power requirements results in further savings in upfront Capital

o   Additional CAPEX savings through 50km reduction in access road distances

  • Proposed location has established gas, water, power, and telecommunications and is close to Port handling facilities
  • Beneficiated Rare Earth Concentrate to be trucked by road to new location for cracking and leaching at the Hydrometallurgical plant
  • Mining and Concentrate production to remain at Yangibana.

Access to gas is particularly important because the centrepiece of the hydrometallurgical plant is the acid-baked kiln. The kiln is a large consumer of gas and thus the relocation of the hydrometallurgical plant will eliminate the need to construct a 114km gas pipeline from the Dampier-to-Bunbury Natural Gas Pipeline (DBNGP) to the Yangibana mine site which is the single largest capex item.

Other major benefits of the Yangibana processing decoupling strategy include:

  1. Reduces Yangibana on-site power requirements by 40% allowing the introduction of a smaller modular power station, which can then be provided as a build/own/operate power offtake contract with an established 3rd party provider;
  2. Reducing the scale of on-site water and associated infrastructure facilities by 40% providing further expected capex savings; and
  3. Providing close proximity to port facilities for importation of construction materials and export of product, thus reducing Yangibana’s transport costs.

In addition, the proposal to locate the hydrometallurgical plant at a coastal location in the Pilbara will enable Hastings to:

  1. Leverage existing chemical storage facilities in an established regional centre, significantly reducing the need for onsite storage and expensive transportation of reagents;
  2. Benefit from a greater availability of large local service providers and skilled personnel;
  3. Reduce the number of onsite personnel at Yangibana by 30%, lowering FIFO costs in manning and transportation; and
  4. Promote residential employment positions in the new coastal location.

Detailed capital and logistic studies of the location have commenced. There will be a need for some additional costs through duplication of equipment and services for the new location. Transportation of a beneficiated concentrate will be required from the Yangibana mine site to the new location. However, this transport cost is offset by eliminating the need to transport large volumes of sulphuric acid, caustic soda and other chemical reagents to the Yangibana mine site.

The proposed hydrometallurgical plant location has an already established Native Title Agreement, which does not impact any cultural Heritage Sites.

Hastings will continue to work with the local Shire and the communities while completing the remaining technical, environmental and regulatory reviews for the approval processes. Hasting’s decision to relocate the hydrometallurgical plant has been boosted by the support it has received to date from all levels of government and the community because of the jobs and economic benefits that the plant will bring to the region.

The full HAS release can be found at: https://www.asx.com.au/asxpdf/20200729/pdf/44ky17dd4gw4hs.pdf

Charles Lew, Hastings Executive Chairman, said: “The Yangibana rare earths project is proving to be an economically strong project even in this challenging COVID-19 environment. In line with our pursuit of continuous improvement in the project’s robustness, the Hastings leadership saw an opportunity to optimise and improve the proposed Yangibana project layout and further reduce the required capital expenditure. The decision to consider a de-coupling of Yangibana’s processing set-up not only allows us to reduce the overall project’s capex but deliver significant benefits including streamlining operating expenditure associated with logistics arrangements and other associated infrastructure costs, alongside creating significant residential job opportunities in regional Western Australia.”

Cadence Minerals Yangibana Holding:

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:

https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report

 

– Ends –

For further information:

Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Receives In-Principle Eligibility From Finnvera For Project Financing Of Yangibana Rare Earth Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has successfully received in-principle eligibility for the Finnish Export Credit Scheme (the “Scheme”) from Finnvera plc (“Finnvera”), who are mandated by the Government of Finland as administrators of the Scheme for an indicative commercial contract amount of AUD 75 million.

Highlights:

  • In principal eligibility for the Finnish Government Export Credit Guarantee Scheme confirmed by Finnvera for a commercial contract amounting to approximately AUD 75 million.
  • Detailed due diligence on the technical, economic, environmental, legal and social aspects of the Yangibana Project have commenced in support of a loan amounting to approximately AUD 63 million.

Finnvera together with its subsidiary Finnish Export Credit Ltd (“FEC”), comprise the official Export Credit Agency of Finland and was established to provide export financing services in support of Finnish companies’ trade with buyers domiciled abroad.

Hastings has been in negotiations for the supply of capital equipment from a Finnish Tier 1 company for its Yangibana Rare Earth Project and is considering entering into a commercial contract concerning delivery of goods and services with the aggregate value amounting up to AUD 75 million. Finnvera has confirmed that the commercial contract is in-principle eligible for Finnvera and FEC support of a loan amounting to AUD63m.

Due diligence is being undertaken on the economic, technical, legal, environmental and social aspects. The Finnvera Guarantee and FEC Financing is also subject to compliance with policies pursuant to the OECD Arrangement and final approval will be made by the Board of Directors of both Finnvera and FEC.

As announced in April 2019, Hastings has already received in-principle eligibility for the German Government’s UFK Scheme from Euler Hermes Aktiengesellschaft. In addition, the North Australia Infrastructure Fund (NAIF) has also been in negotiations with the company on a senior debt facility in conjunction with the UFK scheme.

The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200701/pdf/44k3sbj9rcm8d4.pdf

Hastings Executive Chairman Charles Lew commented: “This eligibility for Finnvera export credit financing support further demonstrates the bankability of our Yangibana project and brings us one step closer to financial close. We welcome the participation of Finnvera as another senior debt provider”.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:

https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report.

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Commences Major Drilling Program at Yangibana

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has engaged a drilling contractor for the 2020 Yangibana exploration program. The priority focus of the program is to test a series of highly prospective extensional targets within the Yangibana project, with the intention of increasing the existing 21.25Mt JORC Resource and extending planned mine life.

Highlights:

  • Programme to include 20,000m of RC drilling for additional Minerals Resource definition,
  • 3,000m of Diamond Drilling for metallurgical sampling, and
  • 5,000m of grade control drilling over the planned start-of-mine resource area on the Bald Hill deposit.

The primary target of the program is the Bald Hill – Simons Find – Frasers and Auer trends, which are the closest deposits to the permitted processing plant.

Drilling is scheduled to commence this week and will run until October 2020. Site preparation and mobilisation of the drilling rig, consumables, field staff and equipment is underway. The appointed drilling contractor has a long track record of safe and productive exploration drilling within Western Australia.

Diamond drilling samples are primarily to advance further ongoing ore sorting and processing variability test work programs, whilst the grade control drilling will be used to validate and quantify the Bald Hill Mineral Resource estimate and convert Resources to Reserves.

Hastings has spent many months reviewing data illustrating lithological, structural and geochemical controls on mineralisation at Yangibana. This review, which commenced in early February, has given Hastings geologists an improved understanding of the architecture controlling mineralisation on the project, and in particular the targets where structural control is most likely to have resulted in the emplacement of significant mineralisation.

The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200618/pdf/44jr0mx0gs47nc.pdf

Hastings Chief Operating Officer, Andrew Reid commented: “The aim of the RC drilling is to target immediate extensions to the Bald Hill, Frasers, Auer and Yangibana Rare Earth Deposits, with the aim of adding tonnages to the Mineral Resource and additional mine life. This drilling is designed to initiate systematic testing of large strike extensions of the prospective ironstones that have never previously been tested.”

Cadence CEO Kiran Morzaria commented: “We are pleased to note that following the granting of the plant construction permit, Hastings are commencing a major drilling programme. While the drilling does not include Cadence license areas, it will nonetheless provide important additional data for the Yangibana Project Mineral Resources and mine life.”

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019:

http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668 .

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) – Works Permit Granted to Construct the Yangibana Rare Earths Project Process Plant

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has received a works permit to construct the Yangibana Rare Earths Project (Yangibana Project) process plant under Part V of the Environmental Protection Act 1986 (Western Australia).

Department of Water and Environmental Regulation issues works permit

Following a rigorous assessment process and a public advertisement period, the Department of Water and Environmental Regulation (DWER) has issued a works permit subject to conditions for a number of prescribed facilities (i.e. facilities that emit pollutants) at the Yangibana Project including:

  • Category 5: Process or beneficiation of metallic or non-metallic ore
  • Category 6: Mine dewatering
  • Category 52: Electric power generation
  • Category 64: Class II or III putrescible landfill site
  • Category 73: Bulk storage of chemicals etc.
  • Category 85: Sewage facility.

Of these facilities, the process plant (Category 5 under Schedule 1 of the Environmental Protection Regulations 1987) and the associated tailings storage facilities are the most important. The conditions include design and construction requirements, pollutant emission limits, monitoring requirements and compliance reporting.

The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.

Hastings is working on satisfying the approval conditions and when completed, the work can commence subject to financial close for the Yangibana project.

The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200617/pdf/44jq1r7fwrzg3k.pdf

Andrew Reid, Hastings Chief Operating Officer commented: “While Hastings has received State and Commonwealth environmental approvals, the additional focus and rigorous nature of this approval process on polluting facilities such as the process plant provides us and our shareholders with further confidence that the Yangibana Project is able to meet the high regulatory standards set by the Western Australian (WA) government. The regulatory standards set by the WA government also provide the international community and our major offtake customer, Schaeffler Technologies AG with assurance that the extraction component of the rare earths supply chain is undertaken in an environmentally responsible manner.”

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019:

http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668 .

The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report.

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

  

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Signs Long Term Binding Master Agreement with German Automotive Tier 1 Supplier Schaeffler Technologies AG.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has entered into a binding Master Agreement (MA) with one of the leading German automotive Tier 1 suppliers, Schaeffler Technologies AG (Schaeffler) for the targeted supply of its MREC, being the product mined and processed from the Company’s Yangibana Project in the Gascoyne region, Western Australia.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668.

Highlights:

  • Hastings signs binding long term Master Agreement with German automotive Tier 1 supplier, Schaeffler Technologies AG.
  • Hastings obligation is to supply a substantial volume of MREC over a period of 10 years as initial period.
  • Schaeffler continues its support for German government’s untied loan guarantee (UFK).

This Master Agreement governs in general the purchasing, scheduling, quality compliance and regulations, and ethical business conduct between Hastings and Schaeffler.

With the signing of this Master Agreement, Schaeffler also continues to support Hastings in its eligibility for the German government’s untied loan guarantee scheme (known as UFK) in its project financing for the construction of its mine and processing plant in the Upper Gascoyne of Western Australia.

Since the announcement of the MOU in June 2019, Schaeffler and Hastings have expressed their joint commitment to work together on a long term partnership to enable Schaeffler to develop an independent supply chain for its e-motor business for the emerging Electric Vehicle industry. Neodymium and praseodymium are critical raw materials used in the manufacture of permanent magnets, the key component found in electric motors.

Schaeffler is a global automotive and industrial supplier of high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, primarily focussed on the automotive industry. In 2019 it generated sales of approximately €14.4 billion with around 87,700 employees globally. Schaeffler is one of the world’s largest family companies operating in approximately 170 locations in over 50 countries and has a worldwide network of manufacturing locations, research and development facilities and sales offices.

The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200603/pdf/44jbt45nrpmpvb.pdf

Hastings Exec Chairman Charles Lew commented: “This contract represents a very important milestone in the development of Hastings as an emerging supplier of rare earth carbonate from Australia to Germany, an industrialised nation with a growing demand for a critical raw material used in many advanced technologies where a permanent magnet is needed. We look forward to strengthening our cooperation with Schaeffler in the years to come.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.

Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) – Commonwealth Environmental Approval Received for Yangibana Project

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced that the Yangibana Project has received Commonwealth Environmental Approval.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.

Highlights:

  • Commonwealth Environmental approvals in place for mining Rare Earths at the Yangibana Rare Earths Project.
  • The Commonwealth Approvals are in place to construct and operate an open pit rare earths mine, processing facility and associated support infrastructure, approximately 270 km east-northeast of Carnarvon, Western Australia.
  • Commonwealth Government environmental assessment process completed pursuant to the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) under sections 130(1) and 133(1).

Hastings has advised that Mr Gregory Manning, delegate of the Hon. Sussan Ley MP, Australian Minister for the Environment, has granted the Commonwealth Environmental permit for the Yangibana Rare Earths Project.

Receipt of the Commonwealth Environmental Permit (EPBC reference 2016/7845) was granted under section 130(1) and 133(1) of the Environment Protection and Biodiversity Conservation Act 1999. The permit is subject to conditions in Annexure A of the Approval, which has been published on the Department of Environment and Energy website. The conditions require validation of the groundwater model during the construction phase, an ecohydrological model and the development of a groundwater dependent ecosystem monitoring program.

The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.

The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200414/pdf/44gxf4cy9qwm00.pdf

Hastings Executive Chairman, Charles Lew commented: “We have now received all material approvals (i.e. land tenure, Native Title Agreement, State and Commonwealth Environmental Permits) required for the development of the Yangibana Rare Earths Project. This environmental permit complements the State approval received in August 2019. Both approvals demonstrate confidence by State and Commonwealth governments that the Project can be implemented in an environmentally sound manner.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. 

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-lookingstatements.

Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Progress Update on Debt Funding for the Yangibana Project.

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has provided a progress update on Project Debt Funding.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.

Highlights:

·      KfW and Euler Hermes confirm continuing support for Yangibana project financing.

·      Negotiations on long-form term sheet initiated.

·      Completion of due diligence and application for credit approval targeted for Q1 2020.

In July 2018 announced In July 2018, KFW IPEX-Bank (“KfW”) was mandated by Hastings as the Lead Arranger to provide project finance loan advisory services and assistance to Hastings in relation to securing approval from Euler Hermes Aktiengesellschaft (“Euler Hermes”) for the German government sponsored UFK scheme (untied loan guarantee).

On 30 April 2019, Hastings received in principal eligibility for the UFK scheme for an indicative amount of up to USD140 million based on a planned off take from Schaeffler AG for 5,000 tonnes per annum of mixed rare earth carbonate from the Project’s processing plant. (ASX release dated 11 June 2019.)

In June 2019, Euler Hermes and the German government’s Inter Ministerial Committee (IMC) provided Hastings with a confirmation of their cursory favourable assessment of the Yangibana project and to proceed with the lenders due diligence process and collating documentation for credit submission to the IMC for binding credit approval pending completion of due diligence and successful loan negotiations.

An all parties site visit was successfully conducted in mid-September followed by further meetings in Singapore in October with senior representatives of KfW and Euler Hermes and their legal counsels and technical advisors from Behre Dolbear Australia (BDA) as well as PricewaterhouseCoopers, Germany (PwC) acting in their role as mandated Independent Expert Advisor to Euler Hermes.

KfW and Euler Hermes are now at the final stage of their independent in-depth due diligence study, which included a review of the legal, technical, environmental, social and market aspects of the Project. Whilst progressing the due diligence process, negotiations on a long-form term sheet have been initiated.

KfW and Euler Hermes have reaffirmed their continuing support for the Project. Once the due diligence process is satisfactorily completed, KfW and Euler Hermes will apply for credit approval to their respective credit committees and boards. This is targeted for 1Q 2020.

The full release can be found at: https://www.asx.com.au/asxpdf/20191127/pdf/44bzsnrctdc4tp.pdf

– Ends –

For further information:

Cadence Minerals plc

+44 (0) 207 440 0647

Andrew Suckling

Kiran Morzaria

WH Ireland Limited (NOMAD & Broker)

+44 (0) 207 220 1666

James Joyce

James Sinclair-Ford

Novum Securities Limited (Joint Broker)

+44 (0) 207 399 9400

Jon Belliss

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School. 

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ”believe” ”could” “should” ”envisage” ”estimate” ”intend” ”may” ”plan” ”will” or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements

Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) announces 95% Recovery of Ore and 52% improvement in Head Grade from Bulk Ore Sorting Trial at Yangibana..

Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has announced successful completion of bulk sample testing through an ore sorting circuit. These outstanding results confirm earlier results from smaller drill core derived samples, which were tested with two different ore sorter vendors. 

Previous small-scale test work has shown that off-the-shelf x-ray transmission (XRT) ore sorting technology could be applied to separate out a barren waste stream from the ore. This presents an opportunity to remove waste dilution material from the mining process before the material is fed into the processing plant, potentially resulting in energy and reagent savings in the beneficiation circuit.

Cadence Minerals Yangibana Holding:

Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.

Highlights:

  • 95.1% recovery of contained Nd2O3+Pr6O11 on 1.8 tonne sorted bulk sample.
  • 52% increase in head grade from 0.71% to 1.08% Nd2O3+Pr6O11 .
  • 37.1% of the sample mass rejected from ore sorting testwork.
  • Standard commercial ore sorting technology, X-Ray transmission (XRT), has proven to be extremely effective at removing dilution on samples used in the testing programme.
  • Technical and engineering programs will continue to investigate the operating scenarios where benefits can be realised for the project.

The full release can be found at: https://www.asx.com.au/asxpdf/20191125/pdf/44bxg9nh63v6kd.pdf

Hastings COO Andrew Reid commented: “The Yangibana orebody continues to amaze us. Not only with its world-class ratios of Nd2O3+Pr6O11, but now these results have confirmed that ore sorting presents a real and future prospect to gain higher operational efficiencies from the Yangibana Processing Plant.”

Cadence CEO Kiran Morzaria commented: “This is another key step for Yangibana, providing further ongoing validation for our investment strategy into the joint venture. We await further news with great interest.”

– Ends –

For further information:

Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling  
Kiran Morzaria  
   
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce  
James Sinclair-Ford  
   
Novum Securities Limited (Joint Broker) +44 (0) 207 399 9400
Jon Belliss

 

Qualified Person

Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the information contained in this announcement. Kiran holds a Bachelor of Engineering (Industrial Geology) from the Camborne School of Mines and an MBA (Finance) from CASS Business School.

 

Forward-Looking Statements:

Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified by their use of terms and phrases such as ‘‘believe’’ ‘‘could’’ “should” ‘‘envisage’’ ‘‘estimate’’ ‘‘intend’’ ‘‘may’’ ‘‘plan’’ ‘‘will’’ or the negative of those variations or comparable expressions including references to assumptions. These forward-looking statements are not based on historical facts but rather on the Directors’ current expectations and assumptions regarding the Company’s future growth results of operations performance future capital and other expenditures (including the amount. nature and sources of funding thereof) competitive advantages business prospects and opportunities. Such forward-looking statements reflect the Directors’ current beliefs and assumptions and are based on information currently available to the Directors.  Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements including risks associated with vulnerability to general economic and business conditions competition environmental and other regulatory changes actions by governmental authorities the availability of capital markets reliance on key personnel uninsured and underinsured losses and other factors many of which are beyond the control of the Company. Although any forward-looking statements contained in this announcement are based upon what the Directors believe to be reasonable assumptions. The Company cannot assure investors that actual results will be consistent with such forward-looking statements. 

I would like to receive Brand Communications updates and news...
Free Stock Updates & News
I agree to have my personal information transfered to MailChimp ( more information )
Join over 3.000 visitors who are receiving our newsletter and learn how to optimize your blog for search engines, find free traffic, and monetize your website.
We hate spam. Your email address will not be sold or shared with anyone else.