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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