French Rare Earth Firm Carester Inks 10-Year Deal with Malaysia's Malaco Mining for Joint Plant

[SMM Rare Earth Flash] ASX-listed Hastings Technology Metals has released the results of the updated definitive feasibility study (DFS) for Stage 1 of the Yangibana rare earth and niobium project in Western Australia. The project is held by a joint venture, with Wyloo Gascoyne holding a 60% interest and Hastings holding 40%. The updated DFS confirms a pre-tax net present value (NPV) of AUD 649 million, an internal rate of return (IRR) of 34%, and a payback period of 2.4 years. Initial capital investment is AUD 333 million, with a mine life of 19 years and average annual concentrates production of 37,000 mt. The project is based on ore reserves of 20.93 million mt at a total rare earth oxide (TREO) grade of 0.90%. Neodymium-praseodymium (NdPr) accounts for 37% of TREO and is expected to contribute over 90% of project revenue. All environmental approvals have been obtained, and infrastructure and long-lead equipment have already been delivered to site.

In H1 2026, China's secondary RE oxide output jumped 144% YoY and 28% from H2 2025. Secondary Pr-Nd share rose from 31% to 43.5%, peaking at 46% in Q1 due to tight supply, pricing changes, and higher Pr-Nd in scrap. Q2 share eased to 41% on recovering ore output and weaker demand; tax compliance issues cut June output ~20%. With new standards and tax rectification, H2 share is forecast at 37%, full-year ~40%.