Hastings Technology Metals has bolstered its Yangibana rare earths project in Western Australia by announcing a significant ore reserve upgrade.
Recent exploration has enabled a 25 per cent increase in Yangibana’s ore reserves to 20.93 million tonnes at 0.9 per cent total rare earth oxide (TREO), as well as a 20 per cent increase in TREO content to 190,100 tonnes. Contained neodymium-praseodymium (NdPr) has increased 19 per cent to 69,500 tonnes.
The upgrades are based on the success of the 2021–22 exploration program as well as Hastings’ acquisition of Cadence Minerals’ 30 per cent stake in Yangibana joint venture tenements completed in January this year.
“We are delighted to announce this significant increase in the ore reserves at Yangibana, which is the result of our successful exploration programs over the last two years across existing deposits,” Hastings chief executive officer Alwyn Vorster said.
“It allows us to plan for a mine operating life of at least 17 years, building on Hastings’ strong record of organic growth from one of the most outstanding rare earths orebodies globally based on NdPr composition.
“Importantly, there remains substantial mineral resource upside potential at Yangibana, offering growth potential as approvals are secured in the future.”
Vorster said this ore reserve increase further underpins Yangibana’s potential to produce 15,000 tonnes per annum of mixed rare earths carbonate (MREC) per annum. This equates to 3400 tonnes of NdPr oxides when separated.
“(This) is another key milestone in building momentum towards a funding solution to support main construction of the project in 2023,” Vorster said.
Fortescue chair and mining magnate Andrew Forrest recently voiced his support for rare earths in announcing the iron ore major’s December quarter results.
Through Fortescue Future Industries (FFI), the company understands the raw materials needed for green energy technologies first-hand.
“We have … a very rare insight, I think, for a mining company, into what’s happening in the green energy revolution because we speak to everybody and we own businesses, like electrolyser facilities, very large battery facilities which are amongst the most advanced prototypes in the world,” Forrest said during Fortescue’s December quarterly investor call.
“It’s showing us where we need to go, what we need to focus on.”
Forrest followed this by saying he “is very interested in rare earths”.
“I think there are abundant sources of rare earths which have not yet been brought to the market,” he said.
Yangibana is well on the way to being one of those.