Cadence Minerals PLC NAIF A$140m Loan - Yangibana Rare Earths Project (5072A)
02 Febrero 2022 - 7:54AM
UK Regulatory
TIDMKDNC
RNS Number : 5072A
Cadence Minerals PLC
02 February 2022
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Hastings Technology Metals (ASX: HAS) - NAIF approves $140m loan
for Yangibana Rare Earths Project.
Cadence Minerals (AIM/AQX: 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 that it has received approvals for a
significant portion of the debt package required to fund
construction of the Yangibana Rare Earths Project, in the Gascoyne
region of Western Australia.
Highlights:
-- Northern Australia Infrastructure Facility (NAIF) approves
$140 million loan facility with 12 1/2 -year tenor, subject to
pre-completion conditions.
-- NAIF loan is a critical component of the Yangibana Rare
Earths Project funding strategy underpinning finalisation of
remaining funding requirements.
-- Yangibana is the first Australian rare earths project to receive NAIF funding.
-- First drawdown expected to occur in early 2023, aligned to Yangibana funding schedule.
-- NAIF loan forms part of A$300-400 million of total debt financing required for Yangibana.
-- Yangibana early works construction and design for long-lead
items underway in anticipation of plant construction commencing in
September 2022 Quarter.
-- Hastings is fostering a lower carbon future and renewable
energy solutions through the Yangibana rare earths project
The Federal Government's Northern Australia Infrastructure
Facility (NAIF) has agreed to supply a A$140 million, 12 1/2 -year
tenor loan facility for the development of Yangibana. The loan has
been approved by the NAIF Board and endorsed by the Federal
Minister for Northern Australia, the Honourable David Littleproud.
The NAIF loan forms part of the A$300-400 million of total debt
funding required for Yangibana and is aligned with Australia's
Critical Minerals Strategy and the Western Australian Government's
Future Battery Industry Strategy.
The Yangibana project, which comprises a mine and beneficiation
plant at the Yangibana site and a hydrometallurgical plant at the
Ashburton North Strategic Industrial Area (ANSIA) near Onslow, will
become Australia's second rare earths producer and expands the
country's strategic capability in downstream processing of rare
earths minerals.
The Federal Government's commitment to Yangibana comes at a
significant inflexion point for the global rare earths sector amid
a drive by rare earths magnet-end users to secure responsible and
reliable sources of supply.
The full HAS release can be found at:
https://www.investi.com.au/api/announcements/has/92de7fbd-5d2.pdf
The Financial Times also commented on the story. The link can be
found here:
https://www.ft.com/content/552274c4-221a-49ac-91dd-562c51655e76
Hastings Technology Metals' Executive Chairman Charles Lew
commented: "Hastings is delighted to have received the Federal
Government's support, through the Northern Australia Infrastructure
Facility, for the Yangibana rare earths project. This is the
Commonwealth's first project financing package for the construction
of a rare earth mine and production plant in Australia and supports
the rapid development worldwide of decarbonisation technologies in
e-mobility and energy. In view of the UN Climate Change Conference
(COP26) held in November 2021, Hastings is proud to be at the
forefront of this significant global transition to a lower carbon
future and aims to be a part of the global efforts towards
sustainability."
"The commitment by NAIF will enable Hastings to finalise the
funding requirements for Yangibana's development and move into
full-scale construction throughout 2022, with the objective of
delivering first production by 2024. Yangibana is an amazing rare
earths opportunity that will supply the world's highest composition
neodymium and praseodymium concentrate to Tier 1 customers in
Europe and Asia."
"This is an exciting time not just for Hastings but for
Australia's emerging rare earths sector. We look forward to
finalising the funding arrangements that will enable the Hastings
Board to make a final investment decision in the coming
months."
Relevance to Cadence Minerals Holdings in the Yangibana
Project:
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"). The current
mining schedule indicates that the joint venture areas are
scheduled to be mined in years 12 to 15 on the mine plan. 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/
- Ends -
For further information:
Cadence Minerals plc +44 (0) 7879 584153
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
Darshan Patel
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
identi ed by their use of terms and phrases such as "believe"
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including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding Cadence
Minerals Plc'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 Cadence
Minerals Plc. Although any forward-looking statements contained in
this announcement are based upon what the Directors believe to be
reasonable assumptions. Cadence Minerals Plc cannot assure
investors that actual results will be consistent with such
forward-looking statements.
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