Hastings Rare Metals has completed scoping study on its Hastings Heavy Rare Earth project located in the Kimberley region of western Australia.

The scoping study was based on a plant capacity of 1Mtpa, producing critical heavy rare earth oxides of yttrium (Y203) and dysprosium (Dy203) products, in addition to other rare metal products.

According to the study, the project has a mine-life of 15 years and total heavy rare earth oxide resources of 62,500t.

The project will have a production capacity of 150t of Dy2O3 and 1,000t of yttrium oxide per annum based on 1Mtpa mining rate.

The net present value of the project is in excess of $500m using a discount rate of 10% and an IRR of >20%.