Hastings awards A$210m EPC contract
PERTH (miningweekly.com) – ASX-listed Hastings Technology Metals has awarded a A$210-million engineering, procurement and construction (EPC) contract for its Yangibana rare earths project, in Western Australia, to fellow-listed GM Engineering Services.
The contract covers the beneficiation plant, with first concentrate delivery scheduled for the first quarter of 2025.
“The appointment of GR Engineering, one of Australia’s leading process engineering companies, for the construction of the Yangibana plant marks an important milestone on Hastings’ path to first rare earth concentrate production by late 2024,” said Hastings executive chairperson Charles Lew.
“Achieving a fixed price EPC contract significantly reduces the risk of ongoing cost increases, which was a key objective set by the Hastings board for interim CEO Alwyn Vorster when he joined in late 2022.
“With A$221-million in contractual commitments already made to date on the world-class Yangibana project, we remain confident it is well-positioned to move into main construction in the third quarter of 2023, establishing Hastings as a significant player in the critical minerals sector and generating strong returns for our shareholders.”
The one-million-tonne-a-year Yangibana operation is expected to produce 15 000 t/y of mixed rare earths carbonate, and about 8 850 t/y of total rare-earth oxides, with Hastings previously estimating a capital spend of A$517-million to bring the project online.
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