- Hastings Technology Metals (ASX:HAS) publishes its quarterly report for the three-month period ending September 30, 2023
- Progress continues to be made at the Yangibana mine site, with early infrastructure work finalised during the quarter
- Paul Brown was appointed as Hastings newest CEO
- Total recordable injury frequency rate (TRIFR) decreased by 37 per cent to 2.31 compared to the prior corresponding period
- HAS last traded at 76.5 cents
Hastings Technology Metals (ASX:HAS), Australia’s next rare earths producer, has released its quarterly report for the three-month period ending September 30, 2023.
The primary focus during this period was the advancement of the construction of the Yangibana project in the Gascoyne region and the planning for a proposed hydrometallurgical plant in the Pilbara region of Western Australia.
During the quarter, the company also appointed Paul Brown as its newest Chief Executive Officer.
Yangibana project development
The company reported progress at the Yangibana mine site, with early infrastructure work finalised during the quarter.
An investment of $126 million was allocated for early works. Under the $210 million contract, GRES will be responsible for designing and constructing the Yangibana project’s beneficiation plant and all related infrastructure.
Health and safety
The company continued to prioritise health and safety, with no reported injuries during the quarter. The total recordable injury frequency rate (TRIFR) decreased by 37 per cent to 2.31 compared to the prior corresponding period.
The Yangibana project has achieved five years with zero lost-time injuries.
Native Title and heritage
After September 30, 2023, Hastings and the TMWTJ People completed the five-year review of the project agreement signed in 2017.
The agreement reaffirms the commitment of the TMWTJ People and focuses on areas such as employment, training, business opportunities, and heritage protection.
Regarding ESG, during the quarter, Hastings initiated efforts to reduce plastic waste at the Yangibana Project mine site.
This involved installing washing basins to encourage the use of reusable containers among permanent team members and long-term contractors.
Expenditure
The company had cash outflows of $900,000 for exploration and evaluation costs during the quarter.
An additional $257,000 was disbursed for directors’ fees, salaries, and consulting fees. Cash outflows for project development have amounted to $32.7 million.
HAS last traded at 76.5 cents.