Aspiring Australian rare earths producer Hastings Technology Metals has moved to procure the Yangibana rare earth project joint venture tenements currently held by Cadence and its subsidiary Mojito Resources.
The 30 per cent interest will be acquired for $9 million to be settled by the issue of fully paid ordinary shares in Hastings, at a price to be determined, after which the company will control 100 per cent of the previously reported 27.42 million tonnes of mineral resources.
Hastings believes there is substantial opportunity to extend and increase the mineral resources from the two main deposits of Yangibana and Yangibana North, the four inferred deposits of Gossan, Hook, Lion’s Ear and Kane’s Gossan, as well as a myriad of other exploration targets within the acquisition ground.
Hastings executive chairman Charles Lew said the purchase provided the company an immediate increase in ore reserves and life of mine by up to one year.
”Furthermore, it allows Hastings to perform mine project planning without the need to consider complex tenement boundary arrangements, consultation and potential issues with ore blending a JV material into the beneficiation plant,” he said.
“Further benefits will be unlocked in future drilling programs aimed to extend the resource base in the areas that have been only lightly explored to date.”