Hastings Technology Metals (ASX:HAS) - Interim CEO, Alwyn Vorster
Interim CEO, Alwyn Vorster
Source: Alwyn Vorster/LinkedIn
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

Hastings Technology Metals (HAS) is on track to become Australia’s next rare earth producer from its Yangibana project in Western Australia’s Gascoyne region.

Main construction is due to begin later this year, with first concentrate to be produced at the end of 2024.

The Yangibana deposit, 250 kilometres northeast of Carnarvon, is rich in neodymium and praseodymium (NdPr), both of which are expected to have significant demand growth over the coming years, in the transition to clean energy.

The rare earth elements are used to produce permanent magnets that run wind turbines and electric vehicle motors, and are important in defence and other applications.

Hastings CEO Alwyn Vorster said stage one would include mining and beneficiation of one million tonnes of ore each year, producing 40,000 tonnes of rare earth concentrate.

Stage two would see concentrate transported to a proposed plant at Onslow for cracking, leaching and drying to produce 15,000 tonnes of mixed rare earth carbonate (MREC) at 59 per cent rare earth oxides.

“Once operational, we anticipate Yangibana will fill six to eight per cent of the gap set to arise through global growth in NdPr demand,” Mr Vorster said.

“We are confident that this world-class project will establish Hastings as a significant player in the critical minerals sector and as a generator of strong returns for our shareholders, the domestic economy and local communities.”

More From The Market Online
The Market Online Video

HotCopper highlights From the Floor: RIU Uranium Investment Day

We bring you highlights From the Floor at the RIU Uranium Investment Day in surburban Perth.
The Market Online Video

Working to build a viable uranium resource in Senegal

With a 17.6 million pound uranium resource already, Haranga Resources is working to attain a viable…
The Market Online Video

Why Jaxon Crabb took uranium conference back to the footy club (and it was a wise move!)

While many WA investors will know of dynamic conference organiser, Jaxon Crabb, they may not recall…
The Market Online Video

The case for Uranium: Argonaut

What will drive uranium demand in the years ahead? Jon Scholtz from Argonaut spoke with HotCopper…