11th Jun 2019 14:56
(Alliance News) - Cadence Minerals PLC said Tuesday its joint venture partner at the Yangibana rare earth project in the Gascoyne region of Western Australia has signed a second offtake agreement with Schaeffler AG.
Cadence owns 30% of the Yangibana North, Gossan, Hook, Kanes Gossan Lions Ear and Bald Hill North rare earth deposits, which form part of the Yangibana rare earth deposit.
Hastings Technology Metals, the joint venture partner, signed the memorandum of understanding with German industrial component supplier Schaeffler for the future supply of mixed rare earth carbonate from the project.
Hastings owns the remaining 70% of the project.
"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," said Cadence Chief Executive Kiran Morzaria.
Within the joint venture tenements, the probable ore reserves total 2.1 million tonnes at 1.66% total rare earth elements.
Shares in Cadence Minerals were flat on Tuesday at 0.14 pence each.
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