Business
Sale of Yangibana JV Interest to Hastings
Sale of Yangibana JV Interest to Hastings.
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 Cadence Agrees To Sell its 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 entered into a binding agreement to sell its working interests in the Yangibana Rare Earths project (\"Yangibana Project\") tenements to Hastings Technology Metals (ASX: HAS) (\"Hastings\"). Cadence's 30% interest in tenements covers a small portion of Yangibana and potentially represents one year of the 16-year mine life.\n \n \n \n \n \n Highlights\n \n \n \n \n \n • Cadence has agreed to sell its 30% working interest in the\n Yangibana Project tenements to the operator and owner of the remainder of the Yangibana Project, Hastings, for A$9 million (£5.1 million)\n \n \n ·\n The sale is to be satisfied by the issue of fully paid ordinary Hastings shares\n \n \n ·\n This transaction provides Cadence with equity exposure to 100% of the\n Yangibana Project via its equity holding in Hastings.\n \n \n ·\n The NPV of the\n Yangibana Project is currently AS$ 1 billion\n \n \n \n \n \n Background\n \n \n \n \n \n The interests will be sold for A$9.0 million to be settled by the issue of fully paid ordinary shares in Hastings at a price to be determined based on 30 days VWAP before completion, which is set at six months from the date of signing of this agreement. The commercial terms are summarised below.\n \n \n \n \n \n As a consequence of the acquisition, Cadence will become a shareholder of Hastings. Hastings is developing the Yangibana Project. The Yangibana Project is a significant Australian Rare Earths Project, containing substantial Neodymium and Praseodymium resources.\n \n \n \n \n \n The Yangibana Project currently covers approximately 650 square kilometres containing some 9 Mining Leases, 2 Prospecting Licenses and 19 Exploration Licenses. Cadence holds a 30% interest in 3 Mining Leases and 6 Exploration licenses. These tenements contain 0.70 million tonnes of Ore Reserves, which can increase the expected mine life of the Yangibana Project by approximately one year to a total of 16 years.\n \n \n \n \n \n Hastings has commenced site construction and is planning to commence commis...