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MENAFN - ProactiveInvestors - Australia - 11/10/2012

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(MENAFN - ProactiveInvestors - Australia) Hastings Rare Metals (ASX:HAS) has requested a trading halt as it finalises a capital raising.

The halt is expected to last until Monday 15th October.

Recently, Hasting received a Scoping Study undertaken by Jacobs Engineering Group which outlined a strong business case and compelling metrics for the wholly owned Hastings heavy rare earth project in Western Australia.

A base case from the study delivered a net present value of A1.9 billion, an IRR of 26% and payback of 3.6 years, along with earnings of 223 million per annum representing a gross operating profit margin of 46%.

Projected revenue is predominantly from heavy rare earths, differentiating the Hastings project from other rare earth projects.

Hastings has the largest heavy rare earths project in Australia, and the fourth largest in the world.

 






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