LONDON (ShareCast) - (Sharecast News) - Cadence Minerals announced on Wednesday that a maiden ore reserves had been declared on its 30% joint venture ground at the Yangibana Rare Earth Project in the Gascoyne region of Western Australia.
The AIM-traded firm said total probable ore reserves on the venture were 2.07 million tonnes at 1.66% total rare earths, including 0.43% neodymium oxide and praseodymium oxide.

It said probable ore reserves on the entire Yangibana Project increased 34% to 10.35 million tonnes at 1.22% total rare earths, including 0.43% neodymium oxide and praseodymium oxide.

The updated ore reserve extended the mine life by three years, supporting a 10-year-plus operational life for the project.

It also increased the Yangibana Project net present value to AUD 516M (£283.65m), confirming what the board called "outstanding" project economics.

"It is great to see the inclusion of Cadence's joint venture ground within the mine plan of the Yangibana Project, and we look forward to working with Hastings minerals to progress the mining joint venture and crystalise value to Cadence's shareholders," said Cadence chief executive officer Kiran Morzaria.

"The Yangibana Project has high grades in neodymium and praseodymium, which are critical in the manufacture of permanent magnets used in the motors of electric vehicles.

"In 2017, 75% of the rare earth market by value was represented by neodymium and praseodymium, and we see Yangibana as an important part of that supply chain."

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