source:Kitco NEWS
Hastings Technology Metals (ASX:HAS) said today that it signed a supply agreement with Schaeffler Technologies AG, a tier-one German automotive company.
Hastings traded up two cents before settling at A12 cents a share.
Rare earth mined and processed at Hasting's Yangibana Project in the Gascoyne region, Western Australia, will supply raw materials for Schaeffler and its emerging electrical vehicle business.
'Since the announcement of the MOU in June 2019, Schaeffler and Hastings have expressed their joint commitment to work together on a long term partnership to enable Schaeffler to develop an independent supply chain for its e-motor business for the emerging Electric Vehicle industry. Neodymium and praseodymium are critical raw materials used in the manufacture of permanent magnets, the key component found in electric motors,' said the company in a statement.
In 2019 Schaeffler generated sales of approximately €14.4 billion (US$15.84 billion) with around 87,700 employees globally.
A definitive feasibility study was completed for the Yangibana project in late 2017. Hastings has also signed three memorandum of understanding offtake agreements with Qiandong Rare Earths, China Rare Earth Holdings and Baotou Sky Rock Rare Earth. The company intends to sell a total of 6,000 tonnes of mixed rare earths carbonate per annum.