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  • Hastings Rare Metals Gains New Substantial Shareholder 0 comments
    Dec 19, 2013 11:47 PM

    Hastings Rare Metals (ASX: HAS) has received a notice of initial substantial shareholding from Neil Barry Franks who owns 9.5 million shares in the company, representing 5.15% of its voting power.

    He had acquired 300,000 shares for $18,492, or $0.06 per share, on 1 November 2013 and 3.15 million shares for $205,261.88, or $0.065 per share, on 12 December.

    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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