en.Wedoany.com Reported - Hastings Technology Metals (ASX:HAS) has updated the Definitive Feasibility Study (DFS) for Phase One of the Yangibana Rare Earth and Niobium Project in Western Australia, demonstrating significant economic benefits. The study shows a pre-tax net present value (NPV) of A$649 million, a pre-tax internal rate of return (IRR) of 34%, and a payback period of 2.4 years.

Phase One of the Yangibana Project will involve conventional open-pit mining and a processing plant to produce rare earth concentrate for sale to third parties. The project has ore reserves of 20.9 million tonnes at a grade of 0.90% total rare earth oxides (TREO), supporting a 19-year mine life.

CEO Vince Catania stated that this updated feasibility study confirms the company's long-standing assessment of Yangibana as one of the world's highest-grade neodymium-praseodymium (NdPr) rare earth deposits, ready for construction. The latest study estimates Phase One capital costs at A$333.4 million.

Hastings holds a 40% interest in the Yangibana joint venture, with Wyloo Gascoyne holding the remaining 60% as project manager. The project benefits from completed infrastructure construction, with investments of approximately A$160 million, including an accommodation village, airstrip, access roads, and a well field.

The processing plant is designed with a TREO recovery rate of 85.7%, capable of producing up to 37,000 tonnes per year of rare earth concentrate at a grade of 27%. The mining plan involves six open pits with an average mine life strip ratio of 9.9:1.

Hastings stated that all major statutory approvals required for project construction and operation have been obtained, with secondary approvals in place for building the processing plant and tailings storage facility. The company noted that the joint venture is advancing project financing, targeting first concentrate production approximately 101 weeks after awarding engineering, procurement, and construction contracts.