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Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Receives In-Principle Eligibility From Finnvera For Project Financing Of Yangibana Rare Earth Project.
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 successfully received in-principle eligibility for the Finnish Export Credit Scheme (the “Scheme”) from Finnvera plc (“Finnvera”), who are mandated by the Government of Finland as administrators of the Scheme for an indicative commercial contract amount of AUD 75 million.
Highlights:
- In principal eligibility for the Finnish Government Export Credit Guarantee Scheme confirmed by Finnvera for a commercial contract amounting to approximately AUD 75 million.
- Detailed due diligence on the technical, economic, environmental, legal and social aspects of the Yangibana Project have commenced in support of a loan amounting to approximately AUD 63 million.
Finnvera together with its subsidiary Finnish Export Credit Ltd (“FEC”), comprise the official Export Credit Agency of Finland and was established to provide export financing services in support of Finnish companies’ trade with buyers domiciled abroad.
Hastings has been in negotiations for the supply of capital equipment from a Finnish Tier 1 company for its Yangibana Rare Earth Project and is considering entering into a commercial contract concerning delivery of goods and services with the aggregate value amounting up to AUD 75 million. Finnvera has confirmed that the commercial contract is in-principle eligible for Finnvera and FEC support of a loan amounting to AUD63m.
Due diligence is being undertaken on the economic, technical, legal, environmental and social aspects. The Finnvera Guarantee and FEC Financing is also subject to compliance with policies pursuant to the OECD Arrangement and final approval will be made by the Board of Directors of both Finnvera and FEC.
As announced in April 2019, Hastings has already received in-principle eligibility for the German Government’s UFK Scheme from Euler Hermes Aktiengesellschaft. In addition, the North Australia Infrastructure Fund (NAIF) has also been in negotiations with the company on a senior debt facility in conjunction with the UFK scheme.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200701/pdf/44k3sbj9rcm8d4.pdf
Hastings Executive Chairman Charles Lew commented: “This eligibility for Finnvera export credit financing support further demonstrates the bankability of our Yangibana project and brings us one step closer to financial close. We welcome the participation of Finnvera as another senior debt provider”.
Cadence Minerals Yangibana Holding:
Cadence owns 30% of 3 Mining Leases, 6 Exploration Licences which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). Further details of our ownership the mineral resources and reserves on our jointly held leases can be found at:
https://www.cadenceminerals.com/projects/yangibana-rare-earth-project-2/
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 6 and continue to the end of mine life (year 13). Further details can be found in the Hastings 2019 Annual Report.
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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.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Commences Major Drilling Program at Yangibana
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 engaged a drilling contractor for the 2020 Yangibana exploration program. The priority focus of the program is to test a series of highly prospective extensional targets within the Yangibana project, with the intention of increasing the existing 21.25Mt JORC Resource and extending planned mine life.
Highlights:
- Programme to include 20,000m of RC drilling for additional Minerals Resource definition,
- 3,000m of Diamond Drilling for metallurgical sampling, and
- 5,000m of grade control drilling over the planned start-of-mine resource area on the Bald Hill deposit.
The primary target of the program is the Bald Hill – Simons Find – Frasers and Auer trends, which are the closest deposits to the permitted processing plant.
Drilling is scheduled to commence this week and will run until October 2020. Site preparation and mobilisation of the drilling rig, consumables, field staff and equipment is underway. The appointed drilling contractor has a long track record of safe and productive exploration drilling within Western Australia.
Diamond drilling samples are primarily to advance further ongoing ore sorting and processing variability test work programs, whilst the grade control drilling will be used to validate and quantify the Bald Hill Mineral Resource estimate and convert Resources to Reserves.
Hastings has spent many months reviewing data illustrating lithological, structural and geochemical controls on mineralisation at Yangibana. This review, which commenced in early February, has given Hastings geologists an improved understanding of the architecture controlling mineralisation on the project, and in particular the targets where structural control is most likely to have resulted in the emplacement of significant mineralisation.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200618/pdf/44jr0mx0gs47nc.pdf
Hastings Chief Operating Officer, Andrew Reid commented: “The aim of the RC drilling is to target immediate extensions to the Bald Hill, Frasers, Auer and Yangibana Rare Earth Deposits, with the aim of adding tonnages to the Mineral Resource and additional mine life. This drilling is designed to initiate systematic testing of large strike extensions of the prospective ironstones that have never previously been tested.”
Cadence CEO Kiran Morzaria commented: “We are pleased to note that following the granting of the plant construction permit, Hastings are commencing a major drilling programme. While the drilling does not include Cadence license areas, it will nonetheless provide important additional data for the Yangibana Project Mineral Resources and mine life.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource 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 .
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report
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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-looking statements.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) – Works Permit Granted to Construct the Yangibana Rare Earths Project Process Plant
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 received a works permit to construct the Yangibana Rare Earths Project (Yangibana Project) process plant under Part V of the Environmental Protection Act 1986 (Western Australia).
Department of Water and Environmental Regulation issues works permit
Following a rigorous assessment process and a public advertisement period, the Department of Water and Environmental Regulation (DWER) has issued a works permit subject to conditions for a number of prescribed facilities (i.e. facilities that emit pollutants) at the Yangibana Project including:
- Category 5: Process or beneficiation of metallic or non-metallic ore
- Category 6: Mine dewatering
- Category 52: Electric power generation
- Category 64: Class II or III putrescible landfill site
- Category 73: Bulk storage of chemicals etc.
- Category 85: Sewage facility.
Of these facilities, the process plant (Category 5 under Schedule 1 of the Environmental Protection Regulations 1987) and the associated tailings storage facilities are the most important. The conditions include design and construction requirements, pollutant emission limits, monitoring requirements and compliance reporting.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.
Hastings is working on satisfying the approval conditions and when completed, the work can commence subject to financial close for the Yangibana project.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200617/pdf/44jq1r7fwrzg3k.pdf
Andrew Reid, Hastings Chief Operating Officer commented: “While Hastings has received State and Commonwealth environmental approvals, the additional focus and rigorous nature of this approval process on polluting facilities such as the process plant provides us and our shareholders with further confidence that the Yangibana Project is able to meet the high regulatory standards set by the Western Australian (WA) government. The regulatory standards set by the WA government also provide the international community and our major offtake customer, Schaeffler Technologies AG with assurance that the extraction component of the rare earths supply chain is undertaken in an environmentally responsible manner.”
Cadence Minerals Yangibana Holding:
Cadence owns 30% of the Yangibana, Yangibana North, Gossan, Hook, Kanes Gossan and Lions Ear Rare Earth Deposits, which form part of the Yangibana Rare Earth Deposit. Hastings Technology Metals owns the remaining 70% (“Hastings”). The updated resource 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 .
The current mine plan anticipates production to start from our joint venture areas (Yangibana and Yangibana North) in year 5 and continue to the end of mine life. Further details can be found in the Hastings 2019 Annual Report.
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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.
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.”
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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.
Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) – Commonwealth Environmental Approval Received for Yangibana Project
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 announced that the Yangibana Project has received Commonwealth Environmental Approval.
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: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
- Commonwealth Environmental approvals in place for mining Rare Earths at the Yangibana Rare Earths Project.
- The Commonwealth Approvals are in place to construct and operate an open pit rare earths mine, processing facility and associated support infrastructure, approximately 270 km east-northeast of Carnarvon, Western Australia.
- Commonwealth Government environmental assessment process completed pursuant to the Environment Protection and Biodiversity Conservation Act 1999 (EPBC Act) under sections 130(1) and 133(1).
Hastings has advised that Mr Gregory Manning, delegate of the Hon. Sussan Ley MP, Australian Minister for the Environment, has granted the Commonwealth Environmental permit for the Yangibana Rare Earths Project.
Receipt of the Commonwealth Environmental Permit (EPBC reference 2016/7845) was granted under section 130(1) and 133(1) of the Environment Protection and Biodiversity Conservation Act 1999. The permit is subject to conditions in Annexure A of the Approval, which has been published on the Department of Environment and Energy website. The conditions require validation of the groundwater model during the construction phase, an ecohydrological model and the development of a groundwater dependent ecosystem monitoring program.
The Yangibana Project includes the development of five open pit mines, groundwater abstraction, on-site processing of ore, tailings storage facilities, and supporting infrastructure such as access and haul roads, accommodation facilities, administration buildings and an airstrip.
The full Hastings ASX announcement can be found here: https://www.asx.com.au/asxpdf/20200414/pdf/44gxf4cy9qwm00.pdf
Hastings Executive Chairman, Charles Lew commented: “We have now received all material approvals (i.e. land tenure, Native Title Agreement, State and Commonwealth Environmental Permits) required for the development of the Yangibana Rare Earths Project. This environmental permit complements the State approval received in August 2019. Both approvals demonstrate confidence by State and Commonwealth governments that the Project can be implemented in an environmentally sound manner.”
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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.
Cadence Minerals #KDNC – Hastings Technology Metals (ASX: HAS) Progress Update on Debt Funding for the Yangibana Project.
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce 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 provided a progress update on Project Debt Funding.
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: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
· KfW and Euler Hermes confirm continuing support for Yangibana project financing.
· Negotiations on long-form term sheet initiated.
· Completion of due diligence and application for credit approval targeted for Q1 2020.
In July 2018 announced In July 2018, KFW IPEX-Bank (“KfW”) was mandated by Hastings as the Lead Arranger to provide project finance loan advisory services and assistance to Hastings in relation to securing approval from Euler Hermes Aktiengesellschaft (“Euler Hermes”) for the German government sponsored UFK scheme (untied loan guarantee).
On 30 April 2019, Hastings received in principal eligibility for the UFK scheme for an indicative amount of up to USD140 million based on a planned off take from Schaeffler AG for 5,000 tonnes per annum of mixed rare earth carbonate from the Project’s processing plant. (ASX release dated 11 June 2019.)
In June 2019, Euler Hermes and the German government’s Inter Ministerial Committee (IMC) provided Hastings with a confirmation of their cursory favourable assessment of the Yangibana project and to proceed with the lenders due diligence process and collating documentation for credit submission to the IMC for binding credit approval pending completion of due diligence and successful loan negotiations.
An all parties site visit was successfully conducted in mid-September followed by further meetings in Singapore in October with senior representatives of KfW and Euler Hermes and their legal counsels and technical advisors from Behre Dolbear Australia (BDA) as well as PricewaterhouseCoopers, Germany (PwC) acting in their role as mandated Independent Expert Advisor to Euler Hermes.
KfW and Euler Hermes are now at the final stage of their independent in-depth due diligence study, which included a review of the legal, technical, environmental, social and market aspects of the Project. Whilst progressing the due diligence process, negotiations on a long-form term sheet have been initiated.
KfW and Euler Hermes have reaffirmed their continuing support for the Project. Once the due diligence process is satisfactorily completed, KfW and Euler Hermes will apply for credit approval to their respective credit committees and boards. This is targeted for 1Q 2020.
The full release can be found at: https://www.asx.com.au/asxpdf/20191127/pdf/44bzsnrctdc4tp.pdf
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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-looking statements
Cadence Minerals (KDNC) – Hastings Technology Metals (ASX: HAS) announces 95% Recovery of Ore and 52% improvement in Head Grade from Bulk Ore Sorting Trial at Yangibana..
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce 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 announced successful completion of bulk sample testing through an ore sorting circuit. These outstanding results confirm earlier results from smaller drill core derived samples, which were tested with two different ore sorter vendors.
Previous small-scale test work has shown that off-the-shelf x-ray transmission (XRT) ore sorting technology could be applied to separate out a barren waste stream from the ore. This presents an opportunity to remove waste dilution material from the mining process before the material is fed into the processing plant, potentially resulting in energy and reagent savings in the beneficiation circuit.
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: https://www.investegate.co.uk/cadence-minerals-plc–kdnc-/rns/yangibana-mineral-resource—ore-reserves/201911041303331852S/.
Highlights:
- 95.1% recovery of contained Nd2O3+Pr6O11 on 1.8 tonne sorted bulk sample.
- 52% increase in head grade from 0.71% to 1.08% Nd2O3+Pr6O11 .
- 37.1% of the sample mass rejected from ore sorting testwork.
- Standard commercial ore sorting technology, X-Ray transmission (XRT), has proven to be extremely effective at removing dilution on samples used in the testing programme.
- Technical and engineering programs will continue to investigate the operating scenarios where benefits can be realised for the project.
The full release can be found at: https://www.asx.com.au/asxpdf/20191125/pdf/44bxg9nh63v6kd.pdf
Hastings COO Andrew Reid commented: “The Yangibana orebody continues to amaze us. Not only with its world-class ratios of Nd2O3+Pr6O11, but now these results have confirmed that ore sorting presents a real and future prospect to gain higher operational efficiencies from the Yangibana Processing Plant.”
Cadence CEO Kiran Morzaria commented: “This is another key step for Yangibana, providing further ongoing validation for our investment strategy into the joint venture. We await further news with great interest.”
– 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-looking statements.