Hastings (ASX:HAS) locks in $210M Yangibana beneficiation contract
August 4, 2023Hastings Technology Metals and GR Engineering signed a $210 million deal for Gascoyne’s first Rare Earths Project beneficiation plant, set to finish by 2025.
The contract for the Yangibana Rare Earths Project in Western Australia’s Gascoyne is a fixed price.
It will be executed in stages, with the delivery of the beneficiation plant and associated infrastructure included.
The total budget for the project is $180 million, with an additional provisional component of $30 million allocated mainly for the earthworks of the plant and TSF.
Hastings Executive Chairman Charles Lew said the EPC contract was designed to minimise capital cost risks while ensuring project schedules, product throughput, and plant recovery guarantees.
“The signing of the EPC contract with GR Engineering for the delivery of the beneficiation plant at Yangibana is another important milestone in our development plan for bringing this world-class project into production,” Mr Lew said.
“The fixed price contract and strong credentials of GR Engineering give us a high level of confidence in delivering this critical infrastructure ahead of first rare earth concentrate production in Q2 2025.”
GRES will work with Hastings on engineering and procurement until Q4 2023, subject to meeting conditions precedent. Construction will finish by Q1 2025, with the first concentrate delivered in Q2 2025.
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