We've got Vince Catania, who's the Chief Executive Officer of Hastings Technology Metals. Vince is a former W.A. state politician who joined Hastings as General Manager of Corporate Affairs in 2022 before being promoted to CEO in June 2025. He's been tasked with driving the rare earths developer forward towards final investment decision and construction at its Yangibana project. Over to you, Vince.
Thanks, Tom, and thank you for the opportunity to speak, and congratulations to the organizers of Diggers & Dealers of 2026. It's great to be here. It's my first time speaking at Diggers, but it's been 12 months in the job as CEO of Hastings. We've had very patient shareholders over this period of time. The opportunities that have arisen over the last 12 months has really been able to invigorate Hastings, and I'll tell you a little bit more about that during this presentation. Traditional disclaimer there. I'm sure everyone's read that.
The last 12 months has been an opportunity not only for myself, but for Hastings as we've moved through a joint venture, which was closed out late last year, working closely with Luca Giacovazzi and the Wyloo team, forming a very good relationship, which has led to the refresh of the DFS of Yangibana, our flagship project, which is in joint venture with Wyloo, 60% Wyloo, 40% Hastings. During that time, we've also evaluated many opportunities knowing the greatest bottleneck when it comes to developing rare earth mines around the world is a hydromet plant. We have looked at those opportunities, whether it be Saudi Arabia, U.S., Estonia, and here in Australia, of course, to see what is the best low-capital efficient project that can be competitive into the future, knowing that your competition is always going to be China.
With that, we acquired a hydromet plant early this year, in Thailand, Kabin Buri, where that plant, which was originally announced, that we would be producing 6,000 tons of mixed rare earth chloride. Given the level of inbound interest that we received, as we were going to ramp up the project, with the positive cash flow that this project brings to us, we decided that it's in our interest, while we're constructing the plant, to modify the plant, to be able to increase its capacity to 12,000 tons of mixed rare earth chloride. Of course, we've been able to refresh that DFS for Yangibana, which puts Yangibana in a very good position, as we know that Wyloo is undertaking a sales process for their 60% stake. A bit of a snapshot for Yangibana.
I know that a lot of people know the project in the Gascoyne region, not far from here, but far enough, where we've got a 20.9 million tons of reserve, 37% average NdPr to TREO ratio. What sets the Yangibana joint venture apart from many other rare earth players, we have spent up to AUD 160 million on infrastructure at Yangibana and with a 19-year mine life. As I said, the refresh DFS, I think these numbers speak for itself. This is based on a very conservative number of USD 110 a kilo, I think the NdPr price at the moment is somewhere close to USD 130 a kilo. What we see is that we still are very much in the position to be able to produce 37,000 tons per annum of TREO concentrate, which facilitates the progress.
This is something that, as Hastings itself, as I said earlier, we know that the greatest bottleneck is a hydromet plant. We looked at options of where to build a hydromet plant. We now have purchased a hydromet plant, which gives the optionality to Yangibana, to be able to process its concentrate through the hydromet plant potentially into the future. The remaining capital that's required after the AUD 160 million has been spent is just over AUD 300 million. When we talk about cheap projects, this is definitely on point when it comes to a project that is completely shovel-ready. That is all the permits and approvals in place, all the infrastructure in place, and all the equipment sitting in a warehouse in Perth, that is ready to be assembled, when it comes to building the beneficiation plant. As I said, Wyloo are selling their 60% stake in the project.
Given the level of domestic and international interest that has been brought upon this project, this is an opportunity for advancing the project, by the sale process that Wyloo is conducting. As I said, it's a cheap buy for a great outcome, when you've got a project that is completely shovel-ready and only requiring just over AUD 330 million to complete. When we compare ourselves to our peers, as you can see, Yangibana is streets ahead when it comes to an average of 37% NdPr TREO, and in some places we've got 52%. When you have a look at Yangibana, I'm sure you can see those blue squiggles, that's the current resource that we have, 24 km of resource around Yangibana. That's basically looking at a postage stamp on an envelope.
We know that this is a multi-generational mine, there's been 42 km of exploration that's occurred knowing that we can definitely increase the mine life into the future. When I say AUD 160 million has been spent, as you can see, a 294-bed camp completed, a 2 km airstrip that can land a 70-seater turboprop there. All the access roads, the bore fields, communication towers, and like I said, a 5,000 sq m storage of equipment in Perth of the equipment needed to build the beneficiation plant and some of the other long-lead items that are required to advance Yangibana going forward. As I said, Hastings has acquired a hydromet plant in Thailand, Kabin Buri.
I cannot emphasize enough why this is such an important piece of the food chain when it comes to the processing of rare earth into a magnet as a hydromet plant to produce a mixed rare earth chloride is the key component. It is the bottleneck when it comes to developing rare earth mines around the world. Since we've announced this acquisition, the level of interest that obviously for binding offtake agreements, given that this will be the first hydromet plant that will be able to take third-party feedstock. Much like everyone in the gold fields here knows how gold goes through a mill and it comes from various different mines.
This is the opportunity that the Thailand hydromet plant offers rare earth mines around the world to be able to process their rare earth, concentrate their monazite through the plant, enabling them to reduce their capital requirement and not having to build a hydromet plant into the future. As you can see, the location is 175 km from Laem Chabang Port, it's a modular hydromet facility. We've increased the capacity from 6,000 - 12,000, given the interest that we've received of being able to secure binding offtake agreements from various companies from around the world. As we see a lot of oxide separation plants come online or will come online towards the end of 2027, 2028, those companies are eager to be able to secure their mixed rare earth chloride to be able to advance their projects and have them completed in that timeframe.
With that, we've had to revise some of our permits and licenses to cater for the growth that we have brought forward the expansion plans. Of course, this, like I said, will be the first hydromet plant outside China that will be able to take a monazite concentrate from multiple sources, from multiple mines around the world. I won't bore you with the detail about how the hydromet system works. As you can see, it's a seven-step process from grinding, caustic cracking, leaching, filtration, acid dilution, purification, concentrate, and phosphate crystallization, which is a byproduct that can be sold, maximizing the revenue that this hydromet plant will generate for Hastings and its shareholders into the future. What is the difference from our hydromet plant, which is a caustic crack hydrochloric acid hydromet plant, compared to what we see here in Australia?
That is a traditional sulfuric acid roast plant, which you've got here in Kalgoorlie, which is down the road. What I'll draw your attention to is the difference between a traditional hydromet plant and what we have is the highlight there of the second down in the gray box, the multiple parallel lines, which allows for simultaneous inputs from different sources, compared to your traditional sulfuric acid hydromet plant, which is only there for a single consistent concentrate. Often just tailored to your concentrate that you have in the ground for your mine. Of course, the modular design allows for a lower capital cost compared to the traditional sulfuric acid hydromet plant, giving it the advantage of being cost-effective, greater return, more importantly, cost-competitive to the challenges that we have with China.
Giving that optionality to many different other rare earth mines gives that opportunity to be able to not have that capital being spent, but at your mine to build a hydromet plant. There is no need to keep building this highly capital expensive facility at these rare earth mines here in Australia when you've got an opportunity like what we have in Thailand to have a third-party access for feedstock, creating a MREC. When you have a look at these numbers, what it says is this is looking at the NdPr price and what we can get in our basket through the NdPr price. It doesn't take into equation the full basket of a rare earths, but also the minerals that are contained in the end product of an MREC.
This is very conservative numbers that we've been able to use, knowing there's huge upside once we get into production, which means that we get into near-term cash flow. Some of the photos there of the progress of pre-construction works. It nearly changes on a day-to-day basis at the Kabin Buri plant of the construction of the hydromet plant, but also the site works that go with the enabling of the project to advance. I look forward to showing the market the advancement over the coming months of the construction of the hydromet facility, as it's an exciting time to see the progress and to go into production by Q1 2027. Why Thailand? As I said, we've evaluated a lot of different options.
Thailand, given its locality and closeness to be able to export the end product, but also its agreement that it has with the U.S. when it comes to critical minerals and the option when it comes to the Thailand Board of Investment, which provide huge amount of support for foreign companies coming in to invest in Thailand. Two of those is up to a 13-year tax holiday, but also the flexibility when it comes to foreign ownership, which is a real advantage to companies like Hastings. We've commenced that process of application to be able to receive the support from the Thailand Board of Investment. As you can see there, that's our timeframe. We're now up to that Q3 2026, where we're constructing our plant and go into commissioning by the end of the year and, of course, into production in Q1 2027.
To recap Hastings, it can be seen as a very productive 12 months with the joint venture agreement being completed, with a T ier 1 asset being Yangibana and our DFS being refreshed, as well as the acquisition, which will re-rate Hastings into the future when it comes to the Thailand hydromet plant, which gives us the opportunity for a near-term cash flow and, of course, the inbound interest when it comes to binding offtake agreements for the MREC. Also, feedstock being provided into the hydromet plant in Thailand. Thank you all for listening. If you've got any further questions, please come and see us at our booth. It's an exciting time for Hastings and our patient shareholders.
We can really see that opportunity through what's happening in Thailand and through the sale process at Yangibana is really going to make sure that Hastings can re-rate and go forward into the future. Thank you