Great news 30 June 2020HASTINGS RECEIVES IN-PRINCIPLE ELIGIBLITY...

Great news

30 June 2020
HASTINGS RECEIVES IN-PRINCIPLE ELIGIBLITY FROM
FINNVERA FOR THE PROJECT FINANCING OF YANGIBANA
RARE EARTH PROJECT
• In principal eligibility for the Finnish Government Export Credit
Guarantee Scheme confirmed by Finnvera for a commercial
contract amounting to approximately AUD 75 million.
• Detailed due diligence on the technical, economic,
environmental, legal and social aspects of the Yangibana
Project have commenced in support of a loan amounting to
approximately AUD 63 million.
Hastings Technology Metals Ltd (Hastings or Company) (ASX:HAS) is
pleased to announce that it has successfully received in-principle
eligibility for the Finnish Export Credit Scheme (the “Scheme”) from
Finnvera plc (“Finnvera”), who are mandated by the Government of
Finland as administrators of the Scheme for an indicative commercial
contract amount of AUD 75 million.
Finnvera together with its subsidiary Finnish Export Credit Ltd
(“FEC”), comprise the official Export Credit Agency of Finland and was
established to provide export financing services in support of Finnish
companies’ trade with buyers domiciled abroad.
Hastings has been in negotiations for the supply of capital
equipment from a Finnish Tier 1 company for its Yangibana Rare Earth
Project and is considering entering into a commercial contract
concerning delivery of goods and services with the aggregate value
amounting up to AUD 75 million. Finnvera has confirmed that the
commercial contract is in-principle eligible for Finnvera and FEC support
of a loan amounting to AUD63m.
Due diligence is being undertaken on the economic, technical, legal,
environmental and social aspects. The Finnvera Guarantee and FEC
Financing is also subject to compliance with policies pursuant to the
OECD Arrangement and final approval will be made by the Board of
Directors of both Finnvera and FEC.
As announced in April 2019, Hastings has already received inprinciple eligibility for the German Government’s UFK Scheme from
Hastings Technology Metals
Limited
ABN 43 122 911 399
ASX Stock Code: HAS

Address:
Level 8 Westralia Plaza
167 St Georges Terrace
Perth WA 6000
Box 6 Westralia Plaza
167 St Georges Terrace
Mercantile Lane
Perth WA 6000
Telephone: +61 8 6117 6118
[email protected]
Board
Charles Lew (Executive Chairman)
Guy Robertson (Finance Director)
Jean Claude Steinmetz
(Non-Executive Director)
Mal Randall
(Non-Executive Director)
Neil Hackett (Non-Executive
Director and Company Secretary)
www.hastingstechmetals.com
Euler Hermes Aktiengesellschaft. In addition, the North Australia
Infrastructure Fund (NAIF) has also been in negotiations with the
company on a senior debt facility in conjunction with the UFK scheme.
Mr Charles Lew, Executive Chairman of Hastings commented “this
eligibility for Finnvera export credit financing support further
demonstrates the bankability of our Yangibana project and brings us
one step closer to financial close. We welcome the participation of
Finnvera as another senior debt provider”.
This announcement has been approved for ASX release by the Board.
For further information please contact:
Charles Lew, Chairman: +65 9790 9008 / +61 8 6117 6118
Andrew Reid, Chief Operating Office: +614 32740975