Cadence Minerals plc said it had completed the sale of its working interests in the Yangibana rare earths project tenements to Hastings Technology Metals.
TERMS
For its 30% stake the company received AUS$9 million (£5.1m) in 2.45m new ordinary shares in owner and operator Hastings.
The shares represent approximately 1.9% of the current issued share capital of Hastings and are subject to a 12-month voluntary escrow.
Cadence added that the initial profits on the sale of the company’s interest was approximately £4.2m.
YANGIBANA
The project, in the Gascoyne region of Western Australia, contains a neodymium-praseodymium deposit with NdPr: TREO [total rare earth oxide] ratio of up to 52%.
The site is permitted for long-life production with off-take contracts signed and debt finance in an “advanced stage”.
Construction has begun, and Hastings plans to start commissioning the beneficiation plant in late 2023, with the delivery of inaugural production to key customers in 2024.