Hastings Gets “Milestone” Approval to Advance Rare Earths Project

The critical metals company is celebrating a recent approval from Australia’s environment minister that gives its Yangibana rare earths project the green light.

Hastings Technology Metals (ASX:HAS) is celebrating a recent approval from Australia’s environment minister, which gives the company’s Yangibana rare earths project the green light.

The key environmental permit was the last in a long list of regulatory approvals the critical metals company needed in order to get its project up and running.

Hastings’ plan for Yangibana, which is located in Western Australia, includes mining and processing, with the end goal being on-site production of a mixed rare earth carbonate comprised of neodymium and praseodymium — two of the most in-demand rare earths.

The design for Yangibana is quite ambitious; it includes five open-pit mines, access and haul roads, groundwater abstraction, tailings storage facilities and an on-site processing plant for ore.

The company will also have to construct the needed infrastructure for such a large development, including accommodation facilities, administration buildings and an airstrip.

With the crucial permit in hand, Hastings will now focus on final project design and engineering readiness, with construction planned to start at the end of 2019.

Executive Chairman Charles Lew expressed his happiness and excitement over the milestone approval in the company’s announcement.

“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,” said Lew.

He also highlighted the role the Australian project could have in the global rare earths sector.

“Hastings is on track to construct and operate a rare earths mining operation that will contribute to a more sustainable use of energy worldwide and be part of the e-mobility revolution,” Lew added.

The environmental permit is subject to conditions that require the company to comply with ongoing surveying and monitoring of native flora, vegetation and groundwater abstraction.

Hastings must also commit to regular monitoring of the nearby stygofauna habitat; these fauna live in groundwater and aquifers.

While Hastings holds a 100 percent stake in the most significant deposits at Yangibana, the company has a 70 percent interest in additional deposits, which will also be developed in the future.

Rare earths have been widely discussed as a potential casualty of the ongoing trade war between Washington and Beijing. The metals are increasingly in demand, because they are used in smartphones as well as the permanent magnets used in electric vehicle engines and wind turbines.

Currently, China is the leader in rare earths production, with little output stemming from elsewhere.

Shares of Hastings were up 14.34 percent on Tuesday (August 20), trading at AU$0.16.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

Rio Tinto reaches agreement with Turquoise Hill Resources on financing plan for Oyu Tolgoi

Rio Tinto has entered into a binding Heads of Agreement (HoA) with Turquoise Hill Resources (TRQ) for an updated funding plan (the “Funding Plan”) for the completion of the Oyu Tolgoi (OT) Underground Project in Mongolia. The Funding Plan addresses the estimated remaining known funding requirement of approximately $2.3 billion 1 , building on and replacing the arrangements established in the Memorandum of Understanding that Rio Tinto and TRQ previously entered into on 9 September, 2020.

Under the HoA, subject to securing approval by OT LLC and any required support from the Government of Mongolia, and subject to timing, availability, and terms and conditions being acceptable to both parties, Rio Tinto and TRQ will:

Keep reading... Show less

Rio Tinto Exploration and Calibre Mining Initiate 2021 Exploration Program Including 5,500 Metre Drilling Campaign Prioritizing Prospective Near-Surface Copper and Copper-Gold Mineralization

Calibre Mining Corp. (TSX: CXB; OTCQX: CXBMF) (the “Company” or “Calibre”) is pleased to provide an update on the Borosi exploration project held under an earn-in option agreement between Rio Tinto Exploration (LSE:RIO) (“RTX”) (“Rio Tinto”) and Calibre. Calibre controls a 100% interest in the Borosi concessions located in the prolific Mining Triangle region of northeastern Nicaragua. RTX has the right to earn a 75% interest by spending US$45 million over eleven years in the project ( see Calibre news release dated February 24, 2020 ). The Borosi exploration program is being directed by RTX through a partnership agreement with Calibre as project operator.

Highlights

Keep reading... Show less

FDA Approves Trodelvy®, the First Treatment for Metastatic Triple-Negative Breast Cancer Shown to Improve Progression-Free Survival and Overall Survival

Trodelvy Significantly Reduced the Risk of Death by 49% Compared with Single-Agent Chemotherapy in the Phase 3 ASCENT Study –

– Trodelvy is Under Regulatory Review in the EU and in the United Kingdom, Canada, Switzerland and Australia as Part of Project Orbis

Keep reading... Show less

Rio Tinto details $47 billion 2020 economic contribution, including $8.4 billion of taxes and royalties

Rio Tinto today released its 2020 Taxes paid: Our economic contribution report , which shows the company made a total direct economic contribution of $47 billion in the countries and communities where it operates, including $8.4 billion of taxes and royalties.

Despite the widespread challenges of COVID-19 in 2020, the contribution was up from the previous year, when Rio Tinto made a total direct economic contribution of $45.1 billion in the countries and communities where it operates, including $7.6 billion of taxes and royalties.

Keep reading... Show less

Top News

Related News