Cadence Minerals plc noted significant progress and revised economics at the Yangibana rare earth project in the Gascoyne region of Western Australia.
JOINT VENTURE
The company’s Australian joint venture partner Hastings Technology Metals is the operator of the project.
Cadence owns 30% of three mining leases and six exploration licences which form part of the Yangibana deposit. Hastings Technology Metals owns the remaining 70%.
FINANCES
The Yangibana project’s post-tax Net Present Value8 (NPV8) has increased by 84% to AUS$1,012 million.
The life of mine pre-tax free operating cashflow also rose by 71% to $4,376m.
DEFINITIVE FEASIBILITY STUDY
In late 2021, Hastings revised its 2017 definitive feasibility study (DFS) following a three-year extensive and comprehensive review.
This was designed to de-risk project execution, optimise the flowsheet and enhance project economics.
OPERATIONS
The project is ‘shovel-ready’ with production of 3,400tpa of NdPr [Neodymium and Praseodymium] oxides capable of supplying up to 8% of forecast global NdPr demand.
A $20m early works programme to deliver the core site infrastructure at Yangibana is also well underway
Cadence added that discussions on funding options with suitable partners continued to progress.