Hastings Technology Metals Ltd: Capital Raising - Update
01.06.2018 | ABN Newswire
Sydney - 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.
About Hastings Technology Metals Ltd
Hastings Technology Metals Ltd. (ASX:HAS) 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 1Qtr 2020. 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.
Contact:
Hastings Technology Metals Ltd.
Charles Lew Chairman
T: +65-6220-9220
Guy Robertson Company Secretary
T: +61-9078-7674