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Hastings Technology Metals (ASX:HAS), developing the Australian Yangibana REE Project, reported on Friday the company has finished construction of critical non-downstream infrastructure on-site to facilitate worker travel.
Hastings says it’s hit “practical completion” of the Kurrbili worker village – containing no less than 294 rooms – as well as a group kitchen, medical centre, sports facilities and landscaping.
Airport facilities at the Yangibana airstrip were also finished during the first half.
Hastings’ flagship is a 650km2 project some 250km northwest of Carnarvon in WA located on Gifford Creek Station expected to support an NdPr mine for 17 years producing 37Ktpa in stage-1 of the plan.
Towards the development of processing infrastructure and related assets, the company inked a $210M deal with GR Engineering Services to deliver a beneficiation plant and related assets.
GR will also oversee all steps including final testing, and Hastings report that engineering designs are 81% complete.
All in all, the company is ultimately on track to its first production target of Q2 2025 – and diminishing losses were also recorded in this year’s first half report as the company gets major capex items out of the way.
The company’s also looking at the possibility of expanding REE processing capabilities to Estonia, leveraging EU enthusiasm for a rare earths supply chain and inking an MOU.
That document “is aligned to Hastings’ long-term vision to build a European-centric mine-to-magnet supply chain and further reinforces its strategic 21.15% shareholding in Neo, a leading global manufacturer of rare earth magnetic products.”
Another early-stage offtake agreement has been inked with Baotou Skyrock, a Chinese entity, where a potential premium could be won by Hastings for “higher-value” REE oxides supplies to Baotou.
HAS shares last traded at 60.5cps.
