ASX: HAS - Hastings Technology Metals
- Matt Birney
- 5 hours ago
- 3 min read
Hastings Technology Metals: A rare earths game changer – a mothballed plant that has never fired a shot
Hastings Technology Metals Chief Executive Officer Vince Catania on 3AW,2GB,4BC & 6PR Bulls N' Bears Report
Listen to ASX-listed Hastings Technology Metals CEO Vince Catania talk to Matt Birney on the Bulls N’ Bears Report about Hasting’s extraordinary deal to buy into a rare earths hydromet plant for just cents in the dollar originally built for someone else.
TO LISTEN TO THE HASTINGS TECHNOLOGY METALS AUDIO INTERVIEW - CLICK BELOW
Hastings has spent some years trying to build its Yangibana rare earths project in WA, or trying to get it into production but the sticking point has always been an expensive and technologically challenging hydromet plant to beneficiate the rare earths. Hastings has pulled a rabbit out of the hat however with its exquisite deal to buy 49% of a new plant in Thailand in partnership with an outfit that is all over the technology. The deal opens up fast tracking opportunities for Yangibana at potentially a fraction of the cost and also new commercial pathways for Hastings.
RADIO INTERVIEW - TRANSCRIPT
Matt Birney - Welcome to Bulls N' Bears, brought to you today by rare earth developer Hastings Technology Metals
Matt Birney - ASX code: HAS.
Matt Birney - I'm Matt Birney and I'm joined now by the CEO of Hastings, Vince Catania.
Matt Birney - Hi, Vince.
Vince Catania - G'day, Matt.
Matt Birney - Well, Hastings has spent some years trying to build its Yangibana rare earths project in WA, or trying to get it into production but the sticking point has always been an expensive and technologically challenging hydromet plant to beneficiate the rare earths. Hastings has pulled a rabbit out of the hat however with its exquisite deal to buy 49% of a new plant in Thailand in partnership with an outfit that is all over the technology. The deal opens up fast tracking opportunities for Yangibana at potentially a fraction of the cost and also new commercial pathways for Hastings.
Matt Birney - Okay, Vince, we'll get to that deal in a minute, but firstly, where is your Yangibana project? How much of it does Hastings own and what's the rare earths reserve there now?
Vince Catania - Well Matt, it's in the Gascoyne region of Western Australia and we're in joint venture with Wyloo who has 60% of the venture and Hastings has 40%. It has 21 million tonnes of reserves at 0.9% total rare earth oxides of which remarkably Matt 37% is a lucrative neodymium and praseodymium and in some places up to 52% NDPR.
Matt Birney - Okay. So you bought 49% of a brand new I should say rare rare earths hydromet plant in Thailand. We'll get to that in a sec. But firstly, what exactly does a hydromet plant do and what do they typically cost to buy in the western world?
Vince Catania - Well, a hydromet plant is a requirement when it comes to upgrading the ore after it being through its initial processing route. To build these types of plants in the western world can cost up to three to $500 million US.
Matt Birney - All right. Well, that begs the question. How much did Hastings pay for 49% of this plant? And by the way, why is it still brand new? What's its history?
Vince Catania - Well, Matt, we paid a fraction of that, $15 million US. It was initially built towards the end of the last rare earth boom for a western rare earth company, but was never commissioned.
Matt Birney - Who's your partner in that plant and what experience, if any, do they have with rare earths?
Vince Catania - Well, our partner is Enuo, which is an experienced rare earths company, which has critical minerals in Africa. Monazite, which is very similar to what we have at Yangibana, but they're also involved in processing rare earth and which will assist in commissioning the plant in Thailand.
Matt Birney - Right. Well, is that how you plan to test it or do you have to do some trial mining out of Yangibana?
Vince Catania - Well, Enuo will be the company that commissions the plant by using its own African monazite. Like I said, very similar to Yangibana and will be in cash flow by the end of this year.
Matt Birney - Vince Catania from Hastings Technology Metals.
Matt Birney - Thanks for joining me on Bulls N' Bears and remember we're only here to give you information, not advice, which you should of course seek independently.
Matt Birney - I'm Matt Birney and this is Bulls N' Bears.
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