30th Apr 2019 17:48
LONDON (Alliance News) - Cadence Minerals PLC said on Tuesday Hastings Technology Metals Ltd has received in-principle eligibility for the German United Loan Guarantee Scheme.
Cadence and Hastings are joint venture partners in the Yangibana rare earth project in Australia, with Cadence owning 30% of the project and Hastings the remaining 70%.
Cadence Minerals Chief Executive Kiran Morzaria said: "The team at Cadence are encouraged that Hastings Technology Metals continues to progress financing options for the Yangibana Rare Earths project. We look forward to further developments."
Eligibility for the scheme is confirmed for up to USD140 million. The confirmation is based on the understanding that a German tier 1 company will be the off-taker for a minimum of 5,000 tonnes of mixed rare earth carbonate.
Sharse in Cadence closed up 1.8% at 0.145 pence on Tuesday.
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