Cadence Minerals PLC Update - Yangibana - Hastings Technology Metals (7979B)
June 11 2019 - 2:09AM
UK Regulatory
TIDMKDNC
RNS Number : 7979B
Cadence Minerals PLC
11 June 2019
Cadence Minerals Plc
("Cadence Minerals", "Cadence" or "the Company")
Yangibana Rare Earth Joint Venture Partner signs Second Offtake
MOU Agreement with Schaeffler AG
Cadence Minerals (AIM/NEX: KDNC; OTC: KDNCY) is pleased to
announce Hastings Technology Metals (ASX:HAS) ("Hastings"),
Cadence's joint venture partner at the Yangibana Rare Earth Project
in the Gascoyne region of Western Australia ("Yangibana Project"),
has signed a Second Offtake MOU Agreement with Schaeffler AG
("Schaeffler").
Cadence owns 30% of the Yangibana North., Gossan, Hook, Kanes
Gossan, Lions Ear and Bald Hill North Rare Earth Deposit which form
part of the Yangibana Rare Earth Deposit. Probable Ore Reserves of
some 2.1 million tonnes at 1.66% total rare earth elements are
contained within 30% owned joint venture tenements. Further details
of these reserves and pre-feasibility study can be found at:
http://irservices.netbuilder.com/ir/cadence/newsArticle.php?ST=REM&id=2688632
Hastings Announcement Highlights:
-- Hastings announces its second German offtake MOU and
investment with Schaeffler for the future supply of Mixed Rare
Earth Carbonate (MREC) from the Yangibana Project.
-- Schaeffler supported Hastings in its eligibility for the
Euler Hermes German Government UFK loan scheme.
Schaeffler is a global automotive and industrial supplier of
high-precision components and systems in engine, transmission, and
chassis applications, as well as rolling and plain bearing
solutions for a large number of industrial applications, primarily
focussed on the automotive industry. In 2018 it generated sales of
approximately Euro 14.2 billion with around 92,500 employees,
Schaeffler is one of the world's largest family companies and, with
approximately 170 locations in over 50 countries, has a worldwide
network of manufacturing locations, research and development
facilities, and sales offices.
Under the MOU, the parties have outlined their intent to enter
into a binding commercial offtake agreement within the next 6
months for the sale and purchase of 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. Schaeffler's intention
in entering into an offtake agreement is to ensure reliable
supplies of rare earth material in the future.
The Parties have undertaken to negotiate in good faith to reach
agreement for a 10 year commercial offtake contract to supply MREC
which contains the critical raw materials of neodymium (Nd) and
praseodymium (Pr). NdPr is a critical raw material used in the
manufacture of permanent magnets, the key component in electric
motors.
Schaeffler is also supporting Hastings in its eligibility for
the German government's untied loan guarantee scheme (known as UFK)
in its project financing for the construction of its mine and
processing plant in the Upper Gascoyne of Western Australia.
The full release can be found at:
https://www.asx.com.au/asxpdf/20190611/pdf/445qzvlt14cb9w.pdf
Cadence Minerals CEO Kiran Morzaria commented: "This second
offtake agreement announced with Schaeffler provides further
validation of the Yangibana Project potential and our joint venture
strategy with Hastings Technology Metals. We look forward to
further developments."
- Ends -
For further information:
Cadence Minerals plc +44 (0) 207 440 0647
Andrew Suckling
Kiran Morzaria
WH Ireland Limited (NOMAD & Broker) +44 (0) 207 220 1666
James Joyce
James Sinclair-Ford
Novum Securities Limited (Joint
Broker) +44 (0) 207 399 9400
Jon Belliss
Qualified Person
Kiran Morzaria B.Eng. (ACSM), MBA, has reviewed and approved the
information contained in this announcement. Kiran holds a Bachelor
of Engineering (Industrial Geology) from the Camborne School of
Mines and an MBA (Finance) from CASS Business School.
Forward-Looking Statements:
Certain statements in this announcement are or may be deemed to
be forward-looking statements. Forward-looking statements are
identi ed by their use of terms and phrases such as "believe"
"could" "should" "envisage" "estimate" "intend" "may" "plan" "will"
or the negative of those variations or comparable expressions
including references to assumptions. These forward-looking
statements are not based on historical facts but rather on the
Directors' current expectations and assumptions regarding the
Company's future growth results of operations performance future
capital and other expenditures (including the amount. nature and
sources of funding thereof) competitive advantages business
prospects and opportunities. Such forward-looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. Many factors
could cause actual results to differ materially from the results
discussed in the forward-looking statements including risks
associated with vulnerability to general economic and business
conditions competition environmental and other regulatory changes
actions by governmental authorities the availability of capital
markets reliance on key personnel uninsured and underinsured losses
and other factors many of which are beyond the control of the
Company. Although any forward-looking statements contained in this
announcement are based upon what the Directors believe to be
reasonable assumptions. The Company cannot assure investors that
actual results will be consistent with such forward-looking
statements.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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