Cadence Minerals PLC Corporate Update - Hastings Technology Metals (1566M)
12 9월 2023 - 5:10PM
UK Regulatory
TIDMKDNC
RNS Number : 1566M
Cadence Minerals PLC
12 September 2023
Cadence Minerals Plc
("Cadence Minerals", "Cadence", or "the Company")
Corporate Update - Hastings Technology Metals
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note
the announcement by Hastings Technology Metals (ASX: HAS)
("Hastings") and thyssenkrupp Materials Trading ("TMT") to expand
the terms of the offtake contract signed in April 2021 to align
with Stage 1 development for the Yangibana Rare Earths Project.
Hastings has agreed with TMT to include up to two-thirds of
Stage 1 rare earth concentrate from Hastings' flagship Yangibana
Rare Earths Project ("Yangibana" or the "Project"). The remaining
one-third of production during the first five years not under TMT
offtake is available to Hastings to maximise value through spot
sales or other commercial arrangements.
Highlights:
-- Hastings and TMT have agreed to expand the terms of the
offtake contract signed in April 2021 to align with Stage 1
development for the Yangibana Rare Earths Project.
-- TMT offtake expanded to rare earth concentrate under the
Stage 1 development plan, in addition to Mixed Rare Earth Carbonate
("MREC").
-- TMT also commits to increasing its volume to two-thirds of
Yangibana's annual production volume for the first five years,
commencing in Q2 2025.
All other terms and conditions of the contact signed with TMT on
20 April 2021 remains unchanged. The offtake terms will satisfy the
Project's debt financing and bankability requirements underpinning
the optimal funding structure.
The expanded offtake is aligned with the two-stage development
strategy for the Yangibana Project, as announced on 31 May 2023,
supporting an enhanced project delivery model that enables a
pathway to first concentrate production in 1H 2025 and early cash
flows. Hastings' Stage 2 development of a hydrometallurgy plant or
via third party tolling of concentrate during Stage 1 will produce
up to 15,000tpa of MREC containing 3,400tpa of NdPr oxides.
thyssenkrupp Materials Services is the biggest mill-independent
materials distributor and service provider in the Western world
with around 380 locations, including around 260 warehouse sites, in
more than 30 countries. The versatile range of services offered by
the materials experts allows customers to focus even more strongly
on their individual core businesses.
Link here to view the full Hastings announcement
Hastings Executive Chairman Charles Lew commented: "Building on
our strong relationship with thyssenkrupp Materials Trading, we are
pleased to have extended the terms of the offtake to increase the
committed volume and include concentrate as well as MREC from Stage
1 of the Yangibana Project to meet bankability requirements."
"We are at an advanced stage of finalising the optimal project
debt finance and this commitment from thyssenkrupp reiterates the
cooperative spirit in which we work with our long term partners to
reach our objective of bringing Yangibana into production".
Cadence shareholding in Hastings
On 25 January 2023, Cadence completed the sale of its 30% stake
in several mineral concessions forming part of the Yangibana Rare
Earths project for a consideration of 2.45 million Hastings shares.
This consideration was a premium over the Net Present Value ("NPV")
of the Cadence portion of the mineable material, based on the
definitive feasibility ("DFS") updated by Hastings on 21 February
2022. Currently Cadence holds approximately 1.4% of Hastings issued
share capital.
The full announcement concerning the Yangibana sale is available
here .
For further information
contact:
Cadence Minerals plc +44 (0) 20 3582 6636
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD
& Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
Brand Communications +44 (0) 7976 431608
Public & Investor Relations
Alan Green
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Cautionary and Forward-Looking Statements
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should", "envisage", "estimate", "intend", "may", "plan",
"will", or the negative of those variations or comparable
expressions including references to assumptions. These
forward-looking statements are not based on historical facts but
rather on the Directors' current expectations and assumptions
regarding the company's future growth results of operations
performance , future capital, and other expenditures (including the
amount, nature, and sources of funding thereof) competitive
advantages business prospects and opportunities. Such
forward-looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors. Many factors could cause actual results to differ
materially from the results discussed in the forward-looking
statements, including risks associated with vulnerability to
general economic and business conditions, competition,
environmental and other regulatory changes actions by governmental
authorities, the availability of capital markets reliance on key
personnel uninsured and underinsured losses and other factors many
of which are beyond the control of the company. Although any
forward-looking statements contained in this announcement are based
upon what the Directors believe to be reasonable assumptions. The
company cannot assure investors that actual results will be
consistent with such forward-looking statements.
The information contained within this announcement is deemed by
the company to constitute Inside Information as stipulated under
the Market Abuse Regulation (E.U.) No. 596/2014, as it forms part
of U.K. domestic law under the European Union (Withdrawal) Act
2018, as amended. Upon the publication of this announcement via a
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