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Hastings estimates A$466M net present value for Yangibana rare earths project

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Hastings estimates A$466M net present value for Yangibana rare earths project

Hastings Technology Metals Ltd.'s definitive feasibility study for its Yangibana rare earths project in Western Australia 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.

The preproduction capital costs are estimated at A$335.3 million, production capital costs at A$13.1 million, and operating costs at A$17 per kilogram of total rare earth oxide.

Yangibana's resource of 21 million tonnes will support an initial mine life of eight years with further scope to expand production and extend the life of mine.

The study estimated production of up to 15,000 tons per annum of mixed rare earths carbonate, according to a Nov. 28 release.

The company will work to complete the remaining permits and approvals, aiming to start production by late 2019.

Design and procurement activities will also commence in line with the development timeline as outlined in the study.

Early work on infrastructure and site preparation is expected to start after the rainy season in March 2018 or April 2018.

Hastings will now focus on securing the remaining fundraising to complete the project.

It said it has a market cap of about A$230 million, with A$18 million in the bank and no debt.