Hastings Secures Monazite Feedstock for Thai Hydromet Plant
| Stock | Hastings Technology Metals Ltd (HAS.ASX) |
|---|---|
| Release Time | 14 Apr 2026, 8:30 a.m. |
| Price Sensitive | Yes |
Hastings Secures African Monazite Feedstock for Thai Hydromet Plant
- Agreement with Enuo for supply of minimum 5,000 tonnes per annum of African Monazite Concentrate
- Feedstock secured to commission and operate Hastings' Hydromet Plant in Thailand
- Monazite Concentrate contains high-value rare earth elements including NdPr, Dy, and Tb
Hastings Technology Metals Ltd (ASX: HAS) has announced the execution of a Framework Offtake Agreement with Enuo Holdings Pte Ltd for the supply of African-sourced Monazite Concentrate to feed its hydrometallurgical plant in Kabin Puri, Thailand. This agreement comes two weeks after Hastings announced the acquisition of a 49% interest in the Hydromet Plant. Under the agreement, Enuo will supply a minimum of 5,000 metric tonnes per annum of Monazite Concentrate bearing a minimum 54% Total Rare Earth Oxide (TREO) grade on a dry basis. The Monazite Concentrate contains high-value rare earth elements, including approximately 20% neodymium-praseodymium (NdPr) and 1.0-1.3% dysprosium (Dy) and terbium (Tb). This feedstock will enable Hastings to commission and operate the Hydromet Plant, which has a current production capacity of 6,000 tonnes per annum and the potential to expand to 30,000 tonnes per annum. The agreement includes an initial term of two years with a one-year renewal option, providing Hastings with the raw material required to generate cash flow ahead of its Yangibana Rare Earths Project coming online in Western Australia.
The company is working towards completing the acquisition of the Hydromet Plant by the end of May 2026. The first shipment of African feedstock is expected to be received at the Laem Chabang port in late May/early June, with commissioning and testing of the Monazite Concentrate to follow. Upon successful testing and commissioning, Hastings will issue Purchase Orders under the Framework Offtake Agreement to commence production. The company is also continuing its metallurgical program with Enuo under a separate Technical Services Agreement, with results from the Yangibana and Brockman ore testwork to be incorporated. Additionally, Hastings is exploring options to expand the Hydromet Plant's capacity to 30,000 tonnes per annum.