Cadence Minerals PLC on Wednesday said it completed the A$9 million sale of its working interests in the Yangibana rare earths project in the Gascoyne region of Western Australia.

The Perth, Australia-based rare earths company focusing on neodymium and praseodymium concentrate said it sold its 30% stake in various tenements of the Yanginbana to Hastings Technology Metals.

It received payment via 2.5 million new shares in Hastings worth A$9 million listed on the Australian Securities Exchange in Sydney. This is worth around 1.9% of Hastings’ issued share capital.

Cadence Minerals said Hastings is planning to produce neodymium and praseodymium concentrate, with maiden production currently expected to start in 2023.

Net present value of the project is currently A$1.0 billion, while Hastings’ current market capitalisation is A$472 million as of Tuesday, Cadence Minerals said.

Shares in Cadence Minerals were up 2.4% to 16.38 pence each in London on Wednesday afternoon.

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