Hastings Rare Metals in Funding Talks for Heavy Rare Earths Project in WA

Hastings Rare Metals (ASX: HAS) is in preliminary discussions with a number of parties interested in assisting funding development of its advanced Hastings Rare Earths Project in Western Australia.

The company is investigating a number of options including a strategic alliance, off-take agreements and joint venture proposals.

The Hastings deposit contains predominantly heavy rare earths (85%), such as dysprosium and yttrium, which are substantially more valuable than the more common light rare earths.

“We are particularly excited about the Hastings Project as we progressively achieve the milestones needed to get through feasibility,” technical director Steve Mackowski said.

Work is in progress on further purification to get the individual products such as Niobium and Zirconium to saleable quality.

This will build on Hastings achieving in late 2012 separation between the rare metals, Niobium and Zirconium, the rare earths, and the waste materials in a modified solvent extraction circuit that delivered superior results to those obtained in 1990.

“The medium term market in 2016 and onwards is very positive for heavy rare earths. The supply side is constrained and the demand side is growing rapidly especially for the Hastings’ heavy rare earth product suite,” Mackowski added.

“There is an opportunity for end users to lock in their supply needs and guarantee their long term hi-tech futures. We look forward to helping these hi-tech end users build and maintain the supply chains that will be needed to ensure a better, greener, more energy efficient future.

“It was also pleasing to get recognition of the Hastings rare earth project, as one of the four key rare earths projects in Australia, by one of the REO world’s leading commentators, Jack Lifton. This is a reflection on the resource quality and the development team responsible for the project’s progress.”


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