22/09/2021 - 14:00

Hastings seeks approval for Onslow rare earth plant

22/09/2021 - 14:00

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ASX-listed Hastings Technology Metals has lodged federal environmental documents for a rare earths processing plant near Onslow in the Pilbara.

Hastings' Onslow plant will process rare earths mined from Yangibana. Photo: Attila Csaszar

ASX-listed Hastings Technology Metals has lodged federal environmental documents for a rare earths processing plant near Onslow in the Pilbara.

The plant will be built on approximately 128 hectares in the Ashburton North Strategic Industrial Area, 15 kilometres southwest from Onslow.

According to the company’s recent investor presentation, the rare earth plant will produce 15,000 tonnes of mixed rare earth carbonate per annum, which includes 8,500 tonnes of total rare earth oxide and 3,400 tonnes of neodymium-praseodymium oxide.  

Hastings is planning to develop a hydrometallurgical process plant and store benign waste in a lined evaporation pond.

The company will also transport mixed rare earth concentrate and naturally occurring radioactive material from its planned Yangibana mine site to the Onslow plant.

The neodymium oxide is used to manufacture high strength permanent magnets.

Yangibana is expected to produce 37,000 tonnes of high-grade rare earths oxide concentrate per annum to supply the Onslow plant.

Hastings says it has already secured 77 per cent of revenue from the first five years of production through offtakes with Schaeffler, Thyssenkrupp and Skyrock.

Earlier this year, Hastings received $101 million in debt and equity to advance the project.

Its debt financers include the Northern Australia Infrastructure Facility, Finnvera Export Credit Agency, KfW IPEX-BANK, and other commercial lenders.

Hastings closed up 6.8 per cent on the ASX this afternoon to trade at 24 cents.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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