Sydney, Australia, May 13, 2019 - (ABN Newswire) - Hastings Technology Metals Limited (ASX:HAS.AX - News) ("Hastings" or "the Company") is pleased to advise that it has agreed to purchase an additional 100 bedrooms of camp capacity, plus other associated infrastructure from Fleetwood Pty Ltd.
- Hastings enters agreement to purchase 100 extra rooms plus associated infrastructure from Fleetwood Pty Ltd.
- Purchase takes the total number of rooms purchased to 340 out of a total of 380 identified as being required during construction of the mine and processing plant.
Hastings has taken the opportunity to purchase an available accommodation camp from Fleetwood. This camp acquisition agreement represents a significant capital saving for the project and an approximately 35% discount compared to the cost estimate of buying new.
The opportunity to acquire the camp whilst being financially attractive will also help reduce pressure on the development timetable. The balance of 40 rooms identified as being required during the construction peak manning phase are not required until approximately 8 months after the commencement of construction.
Chief Operating Officer, Andrew Reid commented: "This is an excellent result for Hastings which is consistent with our key objectives of realising capital savings for the Yangibana project wherever possible, de-risking our development timeline and advancing the project towards development and production as quickly as possible."
About Hastings Technology Metals Ltd:
- 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 /+61-8-6117-6118 Andrew Reid Chief Operations Officer T: +61-487-888-787
Hastings Technology Metals Ltd
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