Cadence completes sale of Yangibana tenements

25th January 2023

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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Early-stage investment and development company Cadence Minerals has completed the sale of 30% of its working interests in the Western Australia-based Yangibana rare earths project tenements to Australia-based rare earths company Hastings Technology Metals.

Cadence received 2.45-million (worth A$9-million) of new ordinary shares in ASX-listed Hastings for its stake in the Yangibana project.

Yangibana has a net present value of A$1-billion, while Hastings has current market capitalisation of A$472-million.

Hastings is constructing a project to produce neodymium and praseodymium concentrate, with maiden production forecast to start in 2024.

Edited by Mariaan Webb
Creamer Media Senior Deputy Editor Online

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