Hastings Technology Metals’ drive to be Australia’s next rare earth elements mining company has been boosted by samples that showed strong results for niobium, a strategic metal in demand globally.
Hastings is focused on the delivery of its flagship Yangibana Rare Earth and Niobium Project in the Gascoyne Region, Western Australia, which contains one of the most highly valued neodymium and praseodymium (NdPr) rare earths deposits in the world.
NdPr is pivotal in the world decarbonisation strategy and is essential for permanent magnets found in wind turbines, electrical vehicles and robotics.
Yangibana has nearly 21 million tonnes of ore reserve and with a current mine life of 17 years producing 37,000tpa of high-grade Mixed Rare Earth Carbonate (MREC).
The NdPr from Yangibana is expected to supply up to 8 per cent of global requirements.
The Yangibana Project for production of NdPr is well advanced. It is shovel ready and fully permitted and comprises a mine and beneficiation plant.
The potential value and mine-life of the Yangibana Project have been enhanced by the presence of niobium within the existing project footprint.
Hastings has announced a Maiden Niobium Measured and Indicated Mineral Resource of 6.7Mt at 2,305ppm for 15,501t Nb2O5.
Niobium concentrations occur over a 4km strike at the project’s existing Simon’s Find and Bald Hill deposits.
Further resource updates are expected by the end of the year.
Niobium is considered a technology-critical element, with major uses in making steel lighter and stronger, high-tech alloys, faster recharging of Li-ion batteries and quantum computing.
It is ranked as a critical mineral by Australia, the United States, Japan, South Korea and India.
About 90 per cent of the world’s supply comes from Brazil and new supply chains are being sought.
Hastings Chief Operating Officer Tim Gilbert said initial testing indicated a niobium recovery circuit could be added to the Yangibana process plant to provide an additional product and income stream.
Hastings is working with GR Engineering Services on the niobium circuit as it completes process engineering and design for the NdPr beneficiation plant.
About $154 million has been invested in non-processing infrastructure and long-lead critical path equipment with a target of first concentrate production in 2026. Completed work includes:
- Construction of ~25km two-lane site access road to connect with Shire Road network.
- Completion of the 294-bed accommodation village
- Construction of an airstrip to service up to 70-seater aircraft.
- Communication towers to enable permanent high-speed communication with site.
- Water– processing and potable water supplies.
A $210m EPC contract is in place with GR Engineering Services for beneficiation plant construction, which is slated for completion in 2026. Detailed engineering and design for the plant is 81% complete.
First concentrate is scheduled for delivery in Q4 2026.
NdPr demand is forecast to increase by about 80 percent over the next decade, from 2026.
Hastings has strong offtake agreements for more than 90 per cent of its product over 10 years and recently welcomed a 9.8% strategic investment by JL Mag Rare-Earth Co, the world’s leading producer of rare earths permanent magnets.
Executive Chairman Charles Lew said JL Mag’s position as the world’s number one producer of high-performance rare earths permanent magnets made it a highly valued partner for Hastings as it moved the Yangibana Rare Earth and Niobium Project into production.
“This year has seen significant cost reductions and improved economics at the Yangibana Rare Earth and Niobium Project,” Mr Lew said.
“To be able to attract support from JL Mag is a strong vote of confidence in the management of Hastings and our long-term prospects.
“We will continue to advance the Yangibana Rare Earth and Niobium Project into beneficiation process plant construction and production and create long-term value for our shareholders.”
