Hastings Technology Metals announced that it has executed the Engineering, Procurement and Construction (EPC) contract with West Australian company GR Engineering Services Limited for delivery of the Yangibana beneficiation plant and associated infrastructure. The contract has no material departures from the binding terms sheet that both parties signed in May 2023, including the contract value of $210 million. It includes a process guarantee which aligns with the current planned ramp up of the beneficiation plant and supported by all process test work completed to date (Figure 1).

Under the $210 million contract, GRES will design and construct the Yangibana beneficiation plant and all associated infrastructure, including engineering, manufacture, supply, installation, dry and wet commissioning, and testing of the facility over a period of less than 18 months. When completed, the plant will have a feed capacity of 1. 1 million tonnes per annum and a rare earth concentrate output capacity of 37,000 tonnes per annum with first concentrate planned in Second Quarter 2025. GRES will continue under the early works contract until full mobilisation to site in Fourth Quarter 2023 which is when the Company expects all conditions precedent to be satisfied including project funding as standard for an EPC contract.