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Hastings enters 4th off-take deal for Yangibana rare earths project

Hastings Technology Metals Ltd. signed its fourth off-take deal for the supply of mixed rare earth carbonate from its Yangibana project in Western Australia.

The company said Feb. 28 that it will supply 5,000 tonnes per annum of the material to Thyssenkrupp Raw Materials GmbH for 10 years.

Hastings now has about 73% of its planned mixed rare earth carbonate annual production of 15,000 tonnes from Yangibana covered by off-take contracts.

Production from the mine is expected to kick off in late 2019.

A November 2017 definitive feasibility study for Yangibana pegged an after-tax net present value, discounted at 8%, of A$466 million, a 78% internal rate of return and a 2.3-year payback period.