Business
Completion of Sale of Yangibana JV Interest
Completion of Sale of Yangibana JV Interest.
About this update from Cadence Minerals Plc
[{"type":"text","content":"\n \n \n Cadence Minerals Plc\n \n \n (\"Cadence Minerals\", \"Cadence\", or \"the Company\")\n \n \n \n \n \n Completion of Sale of Yangibana Joint Venture Interest to Hastings Technology Metals\n \n \n \n \n \n Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to announce that it has completed the sale of its working interests in the Yangibana Rare Earths project (\"Yangibana Project\") tenements to Hastings Technology Metals (ASX: HAS) (\"Hastings\").\n \n \n \n \n \n \n Highlights:\n \n \n \n Ø\n \n Cadence has received AS$9 million of new ordinary shares in ASX-listed Hastings for its 30% stake in various tenements of the Yangibana Rare Earth Project\n \n \n \n Ø\n \n Cadence has received some 2.45 million shares of Hastings, roughly 1.9% of the issued share capital of Hastings\n \n \n \n Ø\n \n Hastings is constructing the world's next producer of neodymium and praseodymium concentrate, with maiden production forecast to start in 2024\n \n \n \n Ø\n \n NPV of project AS$ 1 billion, Hastings current market capitalisation AS$472 million (24/01/2023)\n \n \n \n Further transaction details are available in Company's RNS dated 23 June 2022\n \n \n here\n \n \n . Cadence has sold its 30% working interest in the Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million), which has been satisfied via the issue of 2,452,650 new ordinary shares in Hastings to Cadence. These shares represent approximately 1.9% of the current issued share capital of Hastings Technology and are subject to a 12-month voluntary escrow. As of 31 December 2021, the total carrying values of the tenements in the Company's balance sheet was approximately £905,000. Based on the transaction announced, the initial profits on the sale of our interest is approximately £4.2 million.\n \n \n \n \n \n \n About Hastings\n \n \n \n Hastings is a well-managed Perth-based rare earths company primed to become the world's next producer of neodymium and praseodymium concentrate (NdPr). NdPr are vital components used to manufacture permanent magnets used daily in advanced technology products ranging from electric vehicles to wind turbines, robotics, medical applications and digital devices.\n \n \n \n \n \n Hastings' flagship Yangibana project, in the Gascoyne r...