Hastings Technology Metals (ASX:HAS) (Hastings or the Company) is pleased to advise that it has signed the first Memorandum of Understanding (MOU) with Baotou Sky Rock Rare Earth New Material (Sky Rock).
Under the MOU the parties have outlined their intent to enter into a binding commercial offtake agreement for the sale by Hastings and purchase by Sky Rock of Mixed Rare Earth Carbonate (“MREC”), which will be produced from Yangibana, Western Australia. The framework for the commercial offtake agreement is set out in the MOU, and the final terms and conditions will be formalised in a contract.
Charles Lew, Hastings Executive Chairman, said:
“This first MOU for an offtake agreement with Sky Rock is a significant milestone for the Company. The high NdPr content of our ore body is gaining firm recognition in the rare earth and magnets industry.
Further offtake agreements are expected to follow, which will reinforce the Company’s financing plan to fund the development of the mine and the construction of the processing plant.”