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HASTINGS TECHNOLOGY METALS LTD — Capital/Financing Update 2018
May 31, 2018
65037_rns_2018-05-31_6360297c-ed4c-49ed-8f35-bda345d18691.pdf
Capital/Financing Update
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1 June 2018
HASTINGS CAPITAL RAISING
Hastings Technology Metals Limited ABN 43 122 911 399
Hastings Technology Metals Ltd (Hastings or Company) (ASX:HAS) advises that it has decided not to proceed with the capital raising announced on 30 May 2018 given current weak capital market sentiments as a result of political concerns in Europe.
The board believes that the decision to defer this capital raise is in the best interest of shareholders.
ASX Stock Code: HAS
Address:
Suite 506, Level 5, 50 Clarence Street Sydney NSW 2000
For further information please contact:
Charles Lew, Chairman +65 6220 9220 Guy Robertson, Company Secretary +61 9078 7674
PO Box Q128 Queen Victoria Building NSW 1220 Australia
Telephone: +61 2 9078 7674
Facsimile: +61 2 9078 7661 [email protected]
Board
Charles Lew (Executive Chairman)
Jean Claude Steinmetz (Non-Executive Director)
Guy Robertson (Finance Director and Company Secretary)
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Hastings Technology Metals
Hastings is currently developing a rare earths mine and processing plant at Yangibana in the Gascoyne Region of Western Australia. The processing plant is anticipated to commence production of MREC in late 2019. Hastings has completed both beneficiation and hydrometallurgy pilot plants, in the process producing MREC samples which are high in neodymium and praseodymium content. These are critical materials for the production of permanent magnets and other technology applications. The MREC will be capable of being further separated and refined to produce a number of individual rare earth oxides outside of Australia. Hastings estimates an annual production quantity of 15,000 tonnes of MREC which it will sell to offtake partners globally.