- Rare earth explorer Hasting Technology Metals has gained 14.3 per cent this morning after breaking news of environmental approval for its Yangibana project, situated in upper Western Australia
- The 250 square kilometre project is fully owned by the company and could be valid for an end-of-year commencement date
- Rare earths are important resources in manufacturing smartphones, electronics, magnets, wind turbines, electric vehicles, robotics and medical applications
- Hastings management says the project is important for fulfilling a vision of being the next major rare earths producer outside of China
Rare earths explorer Hastings Technology Metals has gained 14.3 per cent in the ASX today after securing an important environmental approval for a project.
The company was able to land approval for its Yangibana Rare Earths project in upper Western Australia near Carnarvon.
The 250 square kilometre project is expected to be resourceful in using two main rare earths neodymium and praseodymium.
Rare earths are vital resources in manufacturing electronic goods, magnets smartphones, wind turbines, robotics, medical applications and electric vehicles.
Today, the company is boasting the environmental approval from Stephen Dawson Minister for Environment that helps its vision of becoming the next significant producer of rare earths outside of China.
“We are excited to reach this next major milestone in the development of the Yangibana Rare Earths Project,” Executive Chairman Charles Lew said.
“This environmental permit demonstrates that the Yangibana Project will not have a significant impact on the environment by implementing commitments in the Environmental Review Document and the conditions of the Ministerial Statement,”
Hastings management has touted a possible end-of-year commencement at Yangibana after final project designs and preliminary engineering is carried out.
Yangibana will hold five open pit mines, an 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.
“Hastings is on track to construct and operate a rare earths mining operation that will contribute to more sustainable use of energy worldwide and be part of the e-mobility revolution,” Charles Lew concluded.
Hastings currently holds full interest in the project’s significant deposits with 70 per cent interest in additional less-important deposits. The secondary deposits will be developed at a later date.
Since its uptake this morning, Shares in Hastings have improved to 16 cents apiece from yesterday’s closing price of 14 cents.
The company’s market cap is currently valued for $131.3 million.