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  • Hastings Rare Metals Chairman Updates Substantial Shareholding 0 comments
    Dec 15, 2013 8:02 PM

    Hastings Rare Metals (ASX: HAS) has received a notice of change in substantial shareholding from its chairman Charles Lew, who increased his shareholding in the company to 14.98% from 6.12%.

    He had acquired 209,573 shares for $18,442.42, or $0.088 each, on 20 November 2013, and a further 13.82 million shares for $898,300, or $0.065 each, on 9 December.

    His holding of 27,646,955 shares makes him the largest shareholder in the company.

    Lew, who has been involved in a wide range of investment banking activities, was appointed the company's chairman earlier this month.

    The company is currently investigating a low cost production opportunity for its Hastings Heavy Rare Earths Project in Western Australia that could fast-track commercial production.

    This involves an offshore location study as well as evaluating and securing toll treatment partnerships for ore milling; extraction and separation; and final product refining.

    Taking these functions offshore will also de-risk the project by significantly reducing capital costs, allowing the company to access lower cost funding and reducing overall processing operating expenses.

    Hastings is a world class heavy rare earth project that is located within a favourable jurisdiction with excellent existing infrastructure and a current Resource of 36.2 million tonnes at 0.21% TREO and 0.18% HREO, the largest in Australia and fourth largest globally.

    This is further differentiated from other projects by its predominantly heavy rare earths (85%) content, such as dysprosium and yttrium, which are substantially more valuable than the more common light rare earths.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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