(MENAFN- ABN Newswire)
Hastings Technology Metals Ltd (ASX:HAS) (FRA:5AM) continued to progress development activities during the quarter with key accomplishments including the following;
- 18% increase in Ore Reserves, mine life extended by 2 years to 13 years
- 13% increase in Measured and Indicated Mineral Resources
- Increase in Total Rare Earths Oxide (TREO) of 8,200t or 5% to 171Kt in the Measured and Indicated Mineral Resource Categories.
- Increase in Neodymium and Praseodymium Oxide (Nd2O3+Pr6O11) of 4,000t or 7% to 59Kt in the Measured and Indicated Mineral Resource Categories.
- Probable Ore Reserve tonnes increased 18% to 12.20 million tonnes at 1.13%TREO including 0.40% Nd2O3+Pr6O11
- Project NPV increased by 6% to A$549 million confirming outstanding project economics.
- Capital raising of A$12m was successfully undertaken during the quarter to sophisticated investors and shareholders.
- 95% Recovery of Ore and 52% improvement in head grade from bulk ore sorting trial
The Engineering, Procurement, Construction Management (EPCM) contract with DRA was signed on the 18 October 2019 with work including finalising the EPCM services specification, EPCM scope of work and EPCM performance guarantee for the EPCM contract.
The gas pipeline engineering development continues with OSD Pipelines managing the Front-End Engineering Design (FEED) portion of the study. This will allow the design to be refined to the point where it is ready for permit application purposes and competitive tender pricing. Progress included:
- Completion of the ground survey and alignment review.
- Cathodic protection survey was undertaken by pipeline corrosion experts.
- Constructability review was undertaken by pipeline construction experts. This included consideration for road access, staging areas for pipe laydown yards, temporary accommodation village and water access.
The Dampier to Bunbury (DBP) customer requirements form was submitted to Australian Gas Infrastructure Group (AGIG) to initiate the process to engineer the off take/metering station. Next steps include finalising heritage and flora/fauna surveys prior to Hastings submitting the required pipeline permits.
The Power-station tender package has been developed and has gone out to market with submissions for the construction and operation and maintenance packages due back in late February 2020. The tender package calls for an EPC pricing submission for the construction of the gas fired PowerStation and waste heat recovery system, and for the operation and maintenance of the facility.
Hastings has formally nominated preferred construction contractors for structural, mechanical and piping and electrical and instrumentation packages.
To view the full quarterly report, please visit:
https://abnnewswire.net/lnk/47210SZM
Hastings Technology Metals Ltd ( ASX:HAS ) ( FRA:5AM ) is a leading Australian rare earths company, with two rare earths projects hosting JORC-compliant resources in Western Australia.
- The Yangibana Project hosts Probable Reserves totaling 5.15 million tonnes at 1.12% TREO including 0.45% Nd2O3+Pr6O11 within JORC Resources totalling 21.0 million tonnes at 1.17% TREO (comprising Measured Resources of 3.9 million tonnes at 1.19% TREO, Indicated Resources of 8.6 million tonnes at 1.25% TREO and Inferred Resources of 8.4 million tonnes at 1.09% TREO), including 0.40% Nd2O3+Pr6O11.
- The Brockman deposit contains JORC Indicated and Inferred Resources totalling 41.4 million tonnes (comprising 32.3mt Indicated Resources and 9.1mt Inferred Resources) at 0.21% TREO, including 0.18% HREO, plus 0.36% Nb2O5 and 0.90% ZrO2.
- Rare earths are critical to a wide variety of current and new technologies, including smart phones, electric vehicles, wind turbines and energy efficient light bulbs.
- The Company aims to capitalise on the strong demand for rare earths permanent magnets created by expanding new technologies.
Charles Lew Chairman T: +65-9790-9008 /+61-8-6117-6118Valerie QuayLegal Counsel & Business PlanningT: +65-9781-3220
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