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Hastings Technology Metals (ASX:HAS) - Executive Chairman, Charles Lew
Executive Chairman, Charles Lew
Source: Miningscout
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  • Hastings Technology Metals (HAS) has signed a 10-year master agreement with German automotive tier 1 supplier, Schaeffler Technologies AG
  • Hastings will supply its mixed rare earth carbonate (MREC), which is mined and processed at the Yangibana Project in Western Australia
  • The Yangibana Project hosts neodymium and praseodymium, which are used when manufacturing permanent magnets for electric motors
  • The companies will work together to allow Schaeffler to develop an independent supply chain for its e-motor business for the electric vehicle industry
  • Hastings ended the day 4.35 per cent in the green to trade for 12 cents each.

Hastings Technology Metals (HAS) has signed a 10-year master agreement with German automotive tier 1 supplier, Schaeffler Technologies AG.

The agreement is for the supply of Hastings’ mixed rare earth carbonate (MREC), which is mined and processed at the Yangibana Project in Western Australia.

The Yangibana Project hosts neodymium and praseodymium, which are used in the manufacturing of permanent magnets, a key component of electric motors.

Schaeffler is a global automotive and industrial supplier and has generated sales of approximately €14.4 billion (roughly A$23.2 billion) in 2019.

The companies will work together to allow Schaeffler to develop an independent supply chain for its e-motor business for the electric vehicle industry.

“This contract represents a very important milestone in the development of Hastings as an emerging supplier of rare earth carbonate from Australia to Germany,” Hastings Executive Chairman Charles Lew said.

Germany has a growing demand for critical raw materials (such as neodymium and praseodymium), which are used in many of the new advanced technologies.

“We look forward to strengthening our cooperation with Schaeffler in the years to come,” Charles added.

Building on this deal, the parties plan to enter a project agreement and logistics agreement. These agreements will expand the companies’ partnership further into other downstream rare earth processed products.

Hastings ended the day 4.35 per cent in the green to trade for 12 cents each.

HAS by the numbers
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