Cadence Minerals plc welcomed a non-binding heads of agreement with a potential offtake partner for rare earth elements concentrate from the Yangibana project in Western Australia.
FEEDSTOCK
Hastings Technology Metals, to which Cadence sold its project share, signed the deal with Neo Performance Materials Inc.
In Stage I, Hastings supply up to 25,000 tonnes per annum of concentrate from Q1 2025, followed by Stage II of up to 10,000 tonnes per annum of mixed rare earth carbonate.
Cadence said that the offtake would provide an additional source of feedstock for NEO’s rare earth separation facility in Sillamäe, Estonia.
Chief executive Kiran Morzaria added that the deal marked another step towards the Yangibana “mine-to-magnet chain”.
“Cadence remain enthusiastic shareholders and supporters of Hastings Technology Metals and the Yangibana rare earths project.”
In January 2023, the company completed the sale of its 30% stake in several mineral concessions in part of the Yangibana project for 2.45 million Hastings shares, equal to approximately 1.9% Hastings issued share capital.