Join our daily newsletter At The Bell to receive exclusive market insights
- Rare earths explorer Hastings Technology (ASX:HAS) has recovered strong percentages of ore from its Yangibana Project in WA
- In a crushed bulk ore sample of 1.8 tonnes, Hastings recovered 95.1 per cent of neodymium and praseodymium
- These are key components of permanent magnetics used in electric cars, wind turbines, and more
- Hastings shares saw a small spike in midday trade but dropped again to close at a flat 16 cents each
Rare earths explorer Hastings Technology has reported strong results from a bulk or sorting trial in Western Australia.
In a crushed bulk ore sample of 1.8 tonnes, Hastings recovered 95.1 per cent of neodymium and praseodymium. On top of this, the ore head grade was upgraded from 0.71 per cent to 1.08 per cent neodymium and praseodymium.
Hastings Chief Operating Officer Andrew Reid said today’s news spells out good news for the future of the company’s Yangibana Processing Plant.
“The Yangibana orebody continues to amaze us,” Andrew said.
Neodymium and praseodymium are key components necessary in making permanent magnets. Products from these rare earths have applications in electric vehicles, wind turbines, robotics, and even the medical sector.
At Hastings’ Yangibana Project, neodymium and praseodymium share the spotlight the dysprosium and europium.
On top of the Yangibana Project, Hastings also has a holding in the Brockman Project. With these two assets, the company said it plans to become the next significant producer of rare earths outside of China.
The company said its ore sorting technology, X-Ray transmission (XRT), is effective at removing dilution on samples used in testing.
Moving forward, the company is taking on some technical and engineering programs to continue investigating the operating scenarios that could be beneficial for the project.
Hastings shares saw a small spike in midday trade but dropped again to close at a flat 16 cents each. The company’s market cap is worth $154.75 million.
