Markets News

Hastings Technology Metals to relocate part of rare earths plant to save costs

July 29 (Reuters) - Australia’s Hastings Technology Metals Ltd said on Wednesday it would reduce its capital spend on the Yangibana rare earths project by about A$68 mln ($48.73 mln) through decoupling and relocating a part of it.

The rare earths explorer will relocate Yangibana’s hydrometallurgical cracking and leaching plant to the Pilbara region from the Gascoyne region in Western Australia, citing benefits like lower on-site costs and easier access to port facilities.

The company said the move was a part of its strategy to become a “significant” producer of rare earths, a group of 17 minerals used in everything from ventilators to iPhones to military weapons. (Reporting by Soumyajit Saha in Bengaluru; Editing by Subhranshu Sahu)