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ShareProphets – Down Under Permission Makes this Car Battery Hunter Worth a Look
21st August 2019 / Leave a comment
by Malcolm Stacey, ShareProphets
Hello Share Swampers. The world is changing. And part of the move is away from fossil fuels, including petrol. So it makes sense for armchair tycoons like us to look for companies in tune with this growing trend. Cadence Minerals (KDNC) is one such firm.
It looks for lithium and other minerals which are used in electric vehicles. Not just cars, but lorries and buses, too. And the company has just had a bit of good news. It has a joint venture in Australia with an outfit called Hastings Technology Metals.
Hastings has just learned that Steve Dawson, Western Australia’s environment Minister, has granted a permit for the Yangibana Project. And Cadence owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana shebang.
Cadence claims its probable that the deposits have reserves of 2.1 million tonnes containing 1.66% rare earth elements.
With approval given, it probably clears the way for other permits to work nearby fields in which Cadence also has an interest.
The Yangibana Project includes the development of five open pit mines, an on-site processing plant for the ore, storage facilities, access roads and supporting stuff, such as accommodation, offices and an airstrip.
Should you do some of your own research and buy the shares, you’re not just investing Australia. Cadence also operates in Greenland, Nevada, Mexico and Czecoslvakia.
Now it has to be stressed at this point that my colleague on this beautiful site, Gary Newman points out that lithium is not that rare a mineral. But having said that the batteries it feeds could need loads of the stuff, if electric vehicles using lithium batteries become the norm.
And now let’s talk about it in the Punter’s Return.
Original article here
Cadence Minerals #KDNC – Hastings Technology Metals (ASX:HAS) Achieves Significant Milestone With Environmental Approval to Mine & Process Rare Earths at the Yangibana Project
20th August 2019 / Leave a comment
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 Project”), has announced that it has received notification from the Hon. Stephen Dawson, Minister for Environment that he has granted the environmental permit for the Yangibana Rare Earths Project (Yangibana Project).
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights:
- WA Minister for Environment has granted the environmental permit for the Yangibana Rare Earths Project.
- Environmental approval milestone clears the path for remaining permits to be considered leading to construction and development work commencing.
The permit is subject to conditions listed in Statement No. 1110, which has been published on the EPA website. The conditions require on going compliance with additional flora and vegetation surveys and monitoring, groundwater abstraction monitoring and water level monitoring of the nearby stygofauna habitat.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing plant for the ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.
The full release can be found at: https://www.asx.com.au/asxpdf/20190820/pdf/447mddrkvg9vt2.pdf
Cadence CEO Kiran Morzaria commented:“Today’s announcement marks a significant milestone for the Yangibana Rare Earths Project. We now await the outcome for the remaining permits relating to commencement of construction and development work commencing.”
– 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-LookingStatements:
Certain statements in this announcement are or may be deemed to beforward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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) Confirms No Appeals on EPA Recommendation of Environmental Approval for Yangibana
17th July 2019 / Leave a comment
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 Project”), has announced that the Appeals Registrar (WA Office of the Appeals Convenor) has not received any appeals on the EPA Assessment Report, which recommends approval of the Yangibana Project subject to the proposed conditions.
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights:
- The Appeals Registrar (WA Office of the Appeals Convenor) has notified Hastings that they have received no appeals on the EPA’s recommendation to approve the Yangibana Project.
- Next step in the approvals process is consultation with the Decision Making Authorities (“DMAs”), i.e. Ministers for Water, Mines and Aboriginal Affairs to obtain their agreement to the implementation of the project in accordance with the proposed conditions.
The DMAs will be provided with the draft conditions (as detailed in the EPA Assessment Report) for their consideration and must then provide their agreement to the implementation of the proposal subject to the draft conditions. The Minister for Environment will then consider the proposal and EPA recommendation.
The Yangibana project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.
The full release can be found at: https://www.asx.com.au/asxpdf/20190717/pdf/446p7m8wcdgm40.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-LookingStatements:
Certain statements in this announcement are or may be deemed to beforward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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) – EPA (Environmental Protection Authority) recommends Environmental Approval for a Proposal to Mine & Process Rare Earths at Yangibana Project
27th June 2019 / Leave a comment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Hastings Technology Metals (ASX: HAS) (“Hastings”) has advised that the EPA has publicly released the Yangibana Rare Earths Project report, which is now open for a 2-week public appeal period, before being submitted to the Minister of Environment for final approval.
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights from Hastings News Release:
- Hastings has secured the next step in the approvals process allowing it to maintain construction commencement guidance for 2019 subject to final finance arrangements.
- Yangibana has undergone a very thorough environmental impact assessment to the satisfaction of the Western Australian EPA, Department of Mines, Industry Regulation and Safety, and the Department of Water and Environmental Regulation and other key stakeholders.
The EPA considers impacts to water and human health were unlikely to be significant and could be managed under Part V of the Environmental Protection Act 1986, the Rights in Water Irrigation Act 1914, the Radiation Safety Act 1975, the Mines Safety and Inspection Act 1994 and the Mining Act 1978.
The proposal includes the development of five open mine pits, groundwater abstraction, on-site processing of ore, tailings storage facilities, access and haul roads and supporting infrastructure such as accommodation facilities, administration buildings and an airstrip.
Full Hastings ASX announcement here:
https://www.asx.com.au/asxpdf/20190627/pdf/4464xmxkn6xr63.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-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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 – Yangibana Rare Earth Joint Venture Partner signs Second Offtake MOU Agreement with Schaeffler AG
11th June 2019 / Leave a comment
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 Project”), has signed a Second Offtake MOU Agreement with Schaeffler AG (“Schaeffler”).
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Hastings Announcement Highlights:
- Hastings announces its second German offtake MOU and investment with Schaeffler for the future supply of Mixed Rare Earth Carbonate (MREC) from the Yangibana Project.
- Schaeffler supported Hastings in its eligibility for the Euler Hermes German Government UFK loan scheme.
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 2018 it generated sales of approximately Euro 14.2 billion with around 92,500 employees, Schaeffler is one of the world’s largest family companies and, with approximately 170 locations in over 50 countries, has a worldwide network of manufacturing locations, research and development facilities, and sales offices.
Under the MOU, the parties have outlined their intent to enter into a binding commercial offtake agreement within the next 6 months for the sale and purchase of MREC, which will be produced from Yangibana, Western Australia. The framework for the commercial offtake agreement is set out in the MOU, and the final terms and conditions will be formalised in a contract. Schaeffler’s intention in entering into an offtake agreement is to ensure reliable supplies of rare earth material in the future.
The Parties have undertaken to negotiate in good faith to reach agreement for a 10 year commercial offtake contract to supply MREC which contains the critical raw materials of neodymium (Nd) and praseodymium (Pr). NdPr is a critical raw material used in the manufacture of permanent magnets, the key component in electric motors.
Schaeffler is also supporting 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.
The full release can be found at: https://www.asx.com.au/asxpdf/20190611/pdf/445qzvlt14cb9w.pdf
Cadence Minerals CEO Kiran Morzaria commented: “This second offtake agreement announced with Schaeffler provides further validation of the Yangibana Project potential and our joint venture strategy with Hastings Technology Metals. We look forward to further developments.”
– 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 beforward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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) takes key steps towards Yangibana development with additional accommodation camp purchase.
14th May 2019 / Leave a comment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Hastings Technology Metals (ASX: HAS) (“Hastings”) has announced that it has agreed to purchase an additional 100 bedrooms of camp capacity plus other associated infrastructure from Fleetwood Pty Ltd.
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights from Hastings News Release:
- Hastings enters agreement to purchase 100 extra rooms plus associated infrastructure from Fleetwood Pty Ltd.
- Purchase takes the total number of rooms purchased to 340 out of a total of 380 identified as required during the construction of the mine and processing plant.
The camp acquisition agreement represents a significant capital saving for the project and a discount of approximately 35% compared to the cost estimate of buying new.
The opportunity to acquire the camp, whilst being financially attractive, will also help reduce pressure on the development timetable. The balance of 40 rooms identified as a requirement during peak production will not be needed until approximately 8 months after commencement of construction.
The Yangibana Project involves the development of Rare Earth’s deposits rich in neodymium and praseodymium, elements vital to permanent magnets that provide many critical components of wide-ranging high-tech products, including electric vehicles, renewable energy wind turbines, robotics, medical applications and others. The development of this project is expected to bring benefits to the Gascoyne, Carnarvon and Meekatharra regions of northern Australia including through employment and business opportunities. The Yangibana Project aims to be the next significant producer of neodymium and praseodymium outside of China.
Full Hastings ASX announcement here:
https://www.asx.com.au/asxpdf/20190513/pdf/44517n3nrcljt0.pdf
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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-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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) receives in-principle eligibility from Euler Hermes for Yangibana Rare Earth Project financing of up to USD140m
30th April 2019 / Leave a comment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Hastings Technology Metals (ASX: HAS) (“Hastings”), has announced that it has successfully received in-principle eligibility for the German United Loan Guarantee Scheme (UFK – Garantien für Ungebundene Finanzkredite) from Euler Hermes Aktiengesellschaft (“Euler Hermes”) who are mandated by the German Federal Government as administrators of the UFK scheme for an indicative amount of up to USD140 million (approx AUD200 million). The UFK scheme offers concessionary loan terms typically over a period of seven years.
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. The Probable Ore Reserves of the entire Yangibana Rare Earth Deposit is 10.35 million tonnes at 1.22% total rare earth elements. Further details of these reserves and pre-feasibility study can be found at:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632.
Highlights from Hastings News Release:
- In principle eligibility for the German Government UFK scheme confirmed for up to USD 140 million (approx AUD 200 million) from Euler Hermes.
- UFK scheme offers concessionary project finance loan terms for a period of seven years.
- Progressing on due diligence on the technical, economic, environmental, legal and special aspects of the Yangibana project.
The confirmation is based on the understanding that a German Tier 1 company will be the off-taker for a minimum of 5,000 tonnes of Mixed Rare Earth Carbonate (MREC) per annum from Hastings’ Yangibana Rare Earth Project for a minimum contract period of 10 years. Further due diligence is being undertaken on the economic, technical, legal, environmental and social aspects and the UFK loan application will be subject to final approval by the German Government’s Inter Ministerial Committee.
As announced in July 2018, Hastings has exclusively mandated the German bank, KfW IPEX-Bank GmbH (“KfW IPEX Bank”) to provide project finance loan advisory services and assist Hastings in relation to securing approval from Euler Hermes Aktiengesellschaft (“Euler Hermes”) for the UFK Cover. KfW IPEX-Bank, a wholly owned subsidiary of the KfW Group is a leading German export and project finance specialist with significant experience in the debt financing of mining projects worldwide.
The Yangibana Project involves the development of Rare Earth’s deposits rich in neodymium and praseodymium, elements vital to permanent magnets that provide many critical components of wide-ranging high-tech products, including electric vehicles, renewable energy wind turbines, robotics, medical applications and others. The development of this project is expected to bring benefits to the Gascoyne, Carnarvon and Meekatharra regions of northern Australia including through employment and business opportunities. The Yangibana Project aims to be the next significant producer of neodymium and praseodymium outside of China.
Full Hastings ASX announcement here:
https://www.asx.com.au/asxpdf/20190430/pdf/444pdwcg68002c.pdf
Cadence Minerals CEO Kiran Morzaria commented:“The team at Cadence are encouraged that Hastings Technology Metals continues to progress financing options for the Yangibana Rare Earths Project. We look forward to further developments.”
– 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-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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) says NAIF is reviewing Yangibana Rare Earth Project, Australia for Possible Funding
27th March 2019 / Leave a comment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that Hastings Technology Metals (ASX: HAS) (“Hastings”), the 70% owner and operator of the Yangibana Rare Earth Project (“Yangibana”) in which Cadence is a joint venture partner with 30%, has announced that the Australian Government’s Northern Australia Infrastructure Facility (“NAIF”) has indicated it will further investigate the potential for NAIF to provide debt finance for Yangibana.
Highlights from Hastings News Release:
- The Northern Australia Infrastructure Facility (NAIF) is further investigating the potential to provide debt financing to the Yangibana Rare Earths Project.
- NAIF’s funding has potential to finance the majority of the Yangibana Project’s infrastructure and related costs.
- Hastings has commenced work in preparing the required formal Investment Proposal required as part of the next steps to progress due diligence by NAIF.
The Yangibana Project involves the development of rare earths deposits rich in neodymium and praseodymium, elements vital to permanent magnets that provide many critical components of wide-ranging high-tech products, including electric vehicles, renewable energy wind turbines, robotics, medical applications and others. The development of this project is expected to bring benefits to the Gascoyne, Carnarvon and Meekatharra regions of northern Australia including through employment and business opportunities. The Yangibana Project aims to be the next significant producer of neodymium and praseodymium outside of China.
Hastings has commenced the process of preparing its Investment Proposal for NAIF’s consideration and this represents a major milestone in Hastings engagement with NAIF and in potentially securing debt finance for the project. NAIF has not yet made any decision to offer debt finance and there is no certainty that an agreement will be reached between the parties.
NAIF is a major initiative of the Australian Government. NAIF has access to a A$5 billion lending facility which can provide a range of loan concessions, to support infrastructure development that generates public benefit for Northern Australia. It also encourages and complements private sector investment to further that objective.
NAIF’s due diligence is under way and Hastings will continue to assist NAIF with further specific requirements to facilitate the process for seeking approval for providing debt finance to the Yangibana Project.
Full Hastings ASX announcement here:
https://www.asx.com.au/asxpdf/20190327/pdf/443svmmmwfzvsn.pdf
Details of Ownership
On 1 December 2011, Cadence announced that it had acquired a 30% free carried interest to Bankable Feasibility Study of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.
Probable Ore Reserves of some 2.1 million tonnes at 1.66% total rare earth elements are contained within 30% owned joint venture tenements. Further details of these reserves and pre-feasibility study can be found at http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632
Cadence Minerals CEO Kiran Morzaria commented:
“Cadence is encouraged that the Yangibana Project and our joint venture owner operator partner could potentially benefit from NAIF debt financing, particularly if as stated by Hastings Chairman Charles Lew that if approved, Hastings can push ahead with its stated goal of construction commencement in H2 2019.”
– 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 | |
Hannam & Partners LLP (Joint Broker) | +44 (0) 207 907 8500 |
Neil Passmore | |
Giles Fitzpatrick | |
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-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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 – First Ore Reserves Declared on Rare Earth Joint Venture Ground, Yangibana, Australia
30th January 2019 / Leave a comment
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that a maiden Ore Reserves has been declared on Cadence’s 30% joint venture ground at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana Project”). The total Probable Ore Reserves on our joint venture are 2.07 million tonnes (“Mt”) at 1.66% Total Rare Earths (“TREO”) including 0.43%neodymium oxide (“Nd2O3”) and praseodymium oxide (”Pr6O11.“).
Highlights from Hastings Technology Metals News Release:
- Probable Ore Reserves on entire Yangibana Project increase 34% to 10.35 million tonnesat 1.22%TREO including 0.43%Nd2O3+Pr6O11
- Updated Ore Reserve extends mine life by 3 years, supporting a +10-year operational life for the Project
- Updated Ore Reserve increases Yangibana Project NPV to AUD516Mconfirming outstanding project economics
- Includes the first Ore Reserves from joint venture ground
The Yangibana Project hosts rare earths deposits rich in neodymium and praseodymium, elements vital to permanent magnets that provide many critical components of wide ranging high-tech products, including electric vehicles, renewable energy wind turbines, robotics, medical applications and others. The Yangibana Project aims to be the next significant producer of neodymium and praseodymium outside of China.
Probable Ore Reserves
These joint venture Ore Reserves are contained within the Yangibana (M09/163) and Yangibana North (M09/159) tenemants and and form part of the larger Yangibana Project which contains Ore Reserves of 10.35 Mt at 1.22%TREO including 0.43 %Nd2O3+Pr6O11.
The Probable Ore Reserves were based on the Pre-Feasibility level study (“PFS”) information and recent geological, geotechnical, metallurgical and environmental work. Independent consultants Snowden Mining Industry Consultants (Snowden) has completed an updated mining reserve estimate based on Measured and Indicated Mineral Resources at each of Bald Hill, Fraser’s, Auer, Auer North, Yangibana, Yangibana West and Yangibana North deposits. This mining reserve estimate used Whittle pit optimisation software to maximise ore recovery using conventional drill and blast, load and haul mining methods.
The Probable Ore Reserves quoted in this document are derived from Measured and Indicated Resources as reported in our joint venture partners (“Hastings”) ASX announcement titled “Increase in Measured and Indicated Resources at Yangibana Project” dated 22nd November 2018.
The Probable Ore Reserves contained within 30% owned joint venture tenements are as shown in Table 1.
Table 1 – Yangibana Project – Probable Ore Reserves Within Tenements Held 30% by Cadence, December 2018
Deposit | Tonnes | %TREO | %Nd2O3+Pr6O11 | Nd2O3+Pr6O11 as a percent of TREO |
Yangibana | 110,000 | 0.60 | 0.28 | 47 |
Yangibana North | 1,964,000 | 1.72 | 0.44 | 26 |
TOTAL | 2,074,000 | 1.66 | 0.43 |
Full details of the derivation of these Ore Reserves, inclusive of Mineral Resources, Cut-Off Parameters, mining factor, metallurgical factors and assumptions, environmental and social factors can be found in the full ASX release by Hastings here:
Production Targets
The current Ore Reserve Statement has ore reserve estimates resulting from the design of several open pits that will produce mixed rare earth carbonates (“MREC”) over the current life of the project.
Capital and Operating costs are derived by independent third-party industry recognised specialists. The current Capex of $335M remains unchanged from the previous 2017 DFS. Operating costs reflect the mining and infrastructure setup costs of all pits within the mining schedule. Processing operating costs remain unchanged from the previous 2017 DFS study.
Additionally, over the life of the project a $17M allowance has been made in the operating cost for miscellaneous mining items for all the open pits within the mining schedule.
Current production targets on an annualised basis are to produce up to 15,000 tpa of MREC. The MREC will contain up to 8,850 tpa Total Rare Earths Oxides, of which up to 3,400 tpa will be neodymium oxide and praseodymium oxide. The mining schedule indicates the commencement of mining from the joint venture areas beginning in year 6 (2026) of with the large majority of the mined ore being derived from Yangibana North (M09/159) from year 8 onwards.
Revenue Factors
The PFS financial model assumes an average long-term US$/A$ exchange rate of 0.71 and uses Adamas Intelligence price forecasts for rare earths prices in 2021. Financial evaluation of the Probable Ore Reserves in the PFS results in the economic outcome shown in Table 2.
Table 2 – Yangibana Project – PFS Financial Evaluation Results
Operating Life | 12 years | |
Net Present Value (NPV) | A$516 M | |
Internal Rate of Return (IRR) | 32.0% | |
Payback Period | 2.7 years | |
The economic model assumes that Cadence’s wholly owned subsidiary Mojito Resources will participate in the development of the deposits held by Hastings (70%) in joint venture with Mojito Resources (30%) under the ‘Yangibana Joint Venture Agreement’. The specific deposits to which the joint venture applies are Yangibana and Yangibana North.
If there is a mine development by the joint venture, not only will there need to be a Mining Joint Venture Agreement agreed and put in place to replace the existing joint venture documentation and regulate the arrangements between the participants for the mine development, but arrangements will also need to be established to determine how the Yangibana production and tenements the subject of the joint venture fit with the broader 100% Hastings group owned production and tenements.
No costs or revenue ascribed to the 30% interest in the deposits held by Mojito Resources are reported in the financial modelling. If Mojito Resources did not participate in any development of the joint venture deposits and the development of those deposits was to proceed on a 100% basis by Hastings, then the economic model would need to be updated to allocate those costs and revenues to Hastings.
The estimates in this study relating to mining, processing and cost performance are underpinned by an updated PFS which has a confidence range of ±25%.
Details of Ownership
On 1 December 2011, Cadence announced that it had acquired a 30% free carried interest to Bankable Feasibility Study of the Yangibana North Rare Earth Deposit. The exploration costs until the commencement of the BFS are therefore borne solely by Hastings (70% owners and operator). The same terms agreed and announced on 1 December 2012 also apply to Gossan, Hook, Kanes Gossan, Lions Ear and Bald Hill North.
Cadence Minerals CEO Kiran Morzaria commented: “It is great to see the inclusion of Cadence’s joint venture ground within the mine plan of the Yangibana Project, and we look forward to working with Hastings Technology Metals to progress the Mining Joint Venture and crystalise value to Cadence’s shareholders.”
“The Yangibana Project has high grades in neodymium and praseodymium, which are critical in the manufacture of permanent magnets used in the motors of electric vehicles. In 2017, 75% of the rare earth market by value was represented by neodymium and praseodymium, and we see Yangibana as an important part of that supply chain.
– 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 | |
Hannam & Partners LLP (Joint Broker) | +44 (0) 207 907 8500 |
Neil Passmore | |
Giles Fitzpatrick | |
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-LookingStatements:
Certain statements in this announcement are or may be deemed to be forward-lookingstatements. Forward-lookingstatements 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-lookingstatements 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 keypersonnel 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.
Hannam & Partners – Cadence Minerals #KDNC – Updating valuation as portfolio climbs the development curve
6th August 2018 / Leave a comment
Cadence Minerals – Updating valuation as portfolio climbs the development curve
Portfolio Progressing Towards Value Creation
Cadence is an investment company with a focus on lithium and other new technology metals. Cadence’s strategy in a crowded space is to gain exposure to projects which have strategic cost advantages and can be rapidly moved up the development value curve. Cadence’s core holdings are: a 20.4% stake in European Metal Holdings (AIM:EMH), which operates the Cinovec lithium/tin project in the Czech Republic; a 7% stake in Bacanora Lithium (AIM:BCN), which operates the Sonora Lithium project in Mexico; and a 30% interest in the Yangibana Rare Earth Project, located in Western Australia, with the remaining 70% held by ASX-listed Hastings Technology Metals Limited (ASX:HAS). In the last 6 months, Cadence’s portfolio projects have seen a number of significant developments, as they move towards production and value creation for shareholders.
Core projects getting closer to production
Q4 2017 saw the completion of bankable feasibility studies (BFS) at both the Sonora and Yangibana projects. The Sonora BFS showed a two-stage project with an up front capital cost of US$420m and a post-tax IRR of 21.2% at a Lithium Carbonate price of $11,000/tonne, while the Yangibana BFS outlined a capital cost of US$260m and an impressive IRR of 78%. Industry groups have shown support for both projects through off-take agreements and equity investments in the case of Sonora. Cinovec is currently moving towards completion of a BFS, with a particular focus on the metallurgical optimisation program, which has so far showed significantly improved lithium leaching recoveries with a small increase in roasting temperatures.
Next Steps / Catalysts – projects moving closer to production
Sonora and Yangibana are currently at similar stage of development, preparing for construction financing. In our view, news of such financing is likely to act as a catalyst for share price re-rating of Cadence Minerals as well as the project operators, Bacanora and Hastings Technology Metals. The BFS underway at the earlier stage Cinovec project, operated by European Metal Holdings, is expected to be completed in H2 2018. With potential cost savings from processing flowsheet optimisation, there is scope to improve on the economics of the project’s pre-feasibility study, which could act as another catalyst for Cadence shares, in our view.
Valuation
We update our Cadence valuation for the Sonora BFS results, our updated lithium price deck and updated implied valuations for public market holdings in the Cadence portfolio. We arrive at a sum of the parts valuation for Cadence’s assets of US$169.1m. Applying our NPV multiples to the Company’s operations we generate a valuation of GBp 0.87/sh, implying 277% upside to the current price.
Link here to view the full Hannam & Partners article
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