Hastings looks at offshore option
PERTH (miningweekly.com) – Junior Hastings Rare Metals on Thursday told shareholders that it was looking at a low-cost production opportunity for its Halls Creek project, in Western Australia, by moving the toll treatment of the ore offshore, to fast-track development.
The company was proceeding with an investigation which would look at a possible location and toll treatment partnerships.
Technical director Steve Mackowski said the difficult capital market, coupled with Australia’s high construction and project engineering costs, overlayed by the vagaries of the exchange rate, meant that a fully constructed and installed Halls Creek project was seen as the highest capital and operating expenditure option for the development of the project.
“This poses a challenge, but also highlights an opportunity,” he said.
“The decision by the board to conduct an Asian location study comprising possible existing capacity, innovative lease financing for any new installation, optimum capital financing, combined with the concept of toll treatment, is a logical step to progress the project.”
Mackowski said the study would enable a comprehensive view of a spectrum of capital risk solutions, to determine better project economics.
The Halls Creek project currently has a resource of some 36.2-million tonnes, at 0.21% total rare earth oxide and 0.18% heavy rare earth oxide. The project could likely produce some 10 000 t/y of product over a 25-year life-of-mine.
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