Hastings Technology Metals Ltd (ASX:HAS, OTC:HSRMF) executive chairman Charles Lew talks with Proactive’s Tylah Tully about the company’s latest developments at its flagship Yangibana Project and a newly signed memorandum of understanding (MoU) with the Ministry of Investment in Saudi Arabia.
Lew provided a comprehensive update on the Yangibana Project, noting a 17-year mine life with reserves of 20 million tonnes.
There will be 37,000 tonnes of concentrate sold annually to Chinese processors, supported by offtake agreements such as the one with ThyssenKrupp.
Hastings has also completed critical infrastructure, including accommodation facilities, roads and an airstrip, alongside procuring key long-lead equipment for its beneficiation plant.
Regarding the Saudi partnership, Lew explained that the MoU was part of the Vision 2030 initiative to diversify Saudi Arabia’s economy.
Hastings aims to build a downstream rare earth processing plant using its proprietary technology to produce mixed rare earth carbonates, with future plans for oxide separation and magnet manufacturing.
This partnership positions Hastings to play a significant role in developing a non-China rare earth supply chain.