Hastings Technology Metals Ltd. said Aug. 20 that it obtained the environmental permit for the Yangibana rare earths project in Western Australia. Shares were up over 14% by ASX trading close following the announcement.
The permit, which followed a positive report by the Environmental Protection Authority in June, allows the Australia-listed explorer to produce a mixed rare earth carbonate on-site and advance to the next stage, which will focus on the final project design and engineering. It also allows construction to start by the end of the year.
Development at the Yangibana site comprises five open pit mines, groundwater abstraction, an on-site ore processing plant, tailings storage facilities, access and haul roads and supporting infrastructure, administration buildings and an airstrip.
In March, Hastings increased estimates for the project's development capital cost to about A$427 million from A$335.3 million after its board decided to source tier-one equipment suppliers amid higher construction labor wages.
