Home » Posts tagged 'schaeffler technologies ag'
Tag Archives: schaeffler technologies ag
Progress at Yangibana Rare Earths project reflects well on Cadence Minerals Joint Venture
Shares in Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY), the AIM listed investor into mineral resources discovery and development, have enjoyed a solid start to the start of 2021. Buoyed by the progress of the company’s flagship Amapa project in Brazil, the growth in Cadence value can also be attributed to the portfolio of strategic investments, including a 15% stake in European Metals (AIM: EMH), owner of Cinovec lithium and tin project, soon to be a cornerstone lithium supply hub for the electric vehicle (EV) industry.
In addition to this, progress has been reported this week at the Australian Rare Earths Project at Yangibana, one of the early stage investments made by Cadence which is owned and operated by ASX listed Hastings Technology Metals (ASX:HAS). Located in the Gascoyne region of Western Australia and covering some 650 sq km, the project contains substantial Neodymium and Praseodymium resources, vital components in the manufacture of permanent magnets. These of course are used in a wide and expanding range of advanced and high-tech products including EV’s, wind turbines, robotics, medical applications and others.
Hastings announced drill results from the Bald Hill deposit as part of its drilling programme across Yangibana. Bald Hill is the largest Yangibana deposit in terms of estimated Mineral Resources and calculated Ore Reserves and forms a key component to the overall Yangibana project. As a result, key project infrastructure, including the beneficiation plant and tailings storage facilities, have been placed in close proximity to this deposit.
Results from the extension drilling program at Bald Hill, the largest deposit at the Yangibana Rare Earths Project, confirm continuation of mineralisation along strike to the south connecting to the 4km long Simon’s Find – Frasers trend, with a best 3.26% total rare earth oxides (TREO) occurring across a 4m sample from a 63m shallow intersection.
The Bald Hill Resource Estimate will be updated during Q1 2021. Hastings COO Andrew Reid said the results provided “further confirmation that the unique geology at Yangibana is capable of underpinning a high-quality, long-life operation.”
“These drilling results continue to demonstrate the potential scale and quality not just of Bald Hill but other Yangibana deposits and we estimate that the project has additional growth potential..” he added.
Hastings has signed a long term binding Master Agreement with German Automotive Tier 1 supplier, Schaeffler Technologies AG, with obligation to supply a substantial volume of MREC over an initial period of 10 years
At Yangibana, Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences while operator Hastings Technology Metals owns the remaining 70% of the joint venture areas, and the rest of the project.
While the Bald Hill deposit doesn’t form part of the Yangibana joint venture area, there is nonetheless a positive read-over for the Cadence JV territories. Of course any yield from the Cadence JV areas will be processed at the beneficiation plant and tailings storage facilities, located in close proximity to the Bald Hill deposit.
Cadence CEO Kiran Morzaria emphasised this point: “Bald Hill is key to the Yangibana project, and as Andrew points out the drilling results continue to demonstrate the potential scale and quality not just of Bald Hill but the other deposits and overall project growth potential.”
“While our interests lie to the west of Bald Hill, for Cadence there is a really positive read-over into the value and future potential of our joint venture with Hastings,” Morzaria added.
Probable Ore Reserves within the tenements 30% held by Cadence are just over 2m tonnes with TREO of 1.66%. The current mine plan anticipates production to start from the joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13).
More info, including a breakdown of the probable ore reserves can be found here: https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Signs Long Term Binding Master Agreement with German Automotive Tier 1 Supplier Schaeffler Technologies AG.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to note that Hastings Technology Metals (ASX:HAS) (“Hastings”), Cadence’s joint venture partner at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia (“Yangibana” “Yangibana Project”), has entered into a binding Master Agreement (MA) with one of the leading German automotive Tier 1 suppliers, Schaeffler Technologies AG (Schaeffler) for the targeted supply of its MREC, being the product mined and processed from the Company’s Yangibana Project in the Gascoyne region, Western Australia.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposit, which form part of the Yangibana Rare Earth Deposit. The updated Cadence ore statement can be found on the Yangibana Mineral Resource & Ore Reserve statement from 4th November 2019: http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2953668.
Highlights:
- Hastings signs binding long term Master Agreement with German automotive Tier 1 supplier, Schaeffler Technologies AG.
- Hastings obligation is to supply a substantial volume of MREC over a period of 10 years as initial period.
- Schaeffler continues its support for German government’s untied loan guarantee (UFK).
This Master Agreement governs in general the purchasing, scheduling, quality compliance and regulations, and ethical business conduct between Hastings and Schaeffler.
With the signing of this Master Agreement, Schaeffler also continues to support Hastings in its eligibility for the German government’s untied loan guarantee scheme (known as UFK) in its project financing for the construction of its mine and processing plant in the Upper Gascoyne of Western Australia.
Since the announcement of the MOU in June 2019, Schaeffler and Hastings have expressed their joint commitment to work together on a long term partnership to enable Schaeffler to develop an independent supply chain for its e-motor business for the emerging Electric Vehicle industry. Neodymium and praseodymium are critical raw materials used in the manufacture of permanent magnets, the key component found in electric motors.
Schaeffler is a global automotive and industrial supplier of high-precision components and systems in engine, transmission, and chassis applications, as well as rolling and plain bearing solutions for a large number of industrial applications, primarily focussed on the automotive industry. In 2019 it generated sales of approximately €14.4 billion with around 87,700 employees globally. Schaeffler is one of the world’s largest family companies operating in approximately 170 locations in over 50 countries and has a worldwide network of manufacturing locations, research and development facilities and sales offices.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200603/pdf/44jbt45nrpmpvb.pdf
Hastings Exec Chairman Charles Lew commented: “This contract represents a very important milestone in the development of Hastings as an emerging supplier of rare earth carbonate from Australia to Germany, an industrialised nation with a growing demand for a critical raw material used in many advanced technologies where a permanent magnet is needed. We look forward to strengthening our cooperation with Schaeffler in the years to come.”
– Ends –
For further information:
| Cadence Minerals plc | +44 (0) 207 440 0647 |
| Andrew Suckling | |
| Kiran Morzaria | |
| WH Ireland Limited (NOMAD & Broker) | +44 (0) 207 220 1666 |
| James Joyce | |
| James Sinclair-Ford | |
| Novum Securities Limited (Joint Broker) | +44 (0) 207 399 9400 |
| Jon Belliss |
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.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to be forward-looking statements. Forward-looking statements are identified 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 reflect 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-lookingstatements.