ASX:HAS · Thailand Hydromet Plant · Commissioning and first MREC targeted Q2 2027
Near-term rare earths revenue, built in Thailand.
A hydrometallurgical MREC plant at Kabin Buri, designed for 12,000tpa of output. Construction has commenced and gives us a near term pathway to cashflow.
Thailand Hydromet Plant by the numbers
A capital-efficient path to first revenue.
12,000t
Planned annual MREC output
36,000t
Expansion to 36,000tpa envisaged for late 2028 to early 2029, subject to design and approvals
175km
By road from Laem Chabang deep-water port
Refer to our ASX announcements of 31 March 2026 (Hastings Acquires Hydromet Plant) and 14 July 2026 (Hastings Plans to Increase Thailand MREC Production to 12,000tpa).
Our strategy
Processing first. Mine to market next.
The Thailand hydromet plant is our pathway into downstream processing, designed to turn monazite concentrate into mixed rare earth chloride for Western separators. Yangibana, Australia's highest grade NdPr project, is a potential long-life future feed source, subject to joint venture agreement.
Acquiring · Kabin Buri, Thailand
Thailand Hydromet MREC Plant
Designed for 10,000tpa of monazite feed and around 12,000tpa of MREC. Major equipment has arrived on site, and commissioning and first MREC are targeted for Q2 2027.
Explore the Thailand hydromet plant →
40% interest · Western Australia
Yangibana Rare Earths and Niobium Project
Fully permitted and shovel ready, with more than A$160M invested in infrastructure and long-lead equipment and a 19 year mine life underpinned by Ore Reserves.
Explore Yangibana →From Kabin Buri
The Thailand hydromet plant is taking shape.
Why NdPr matters
NdPr is a key input to the permanent magnets that drive EVs, wind turbines and robotics.
Understand the market →The road to revenue
Key milestones, 2026 to 2029.
Our Thailand hydromet plant gives us a path to cash flow that does not depend on the Yangibana construction timeline.
View the July 2026 corporate presentation →Q1 2026 · Delivered
Binding term sheet signed for the Thai plant
Binding term sheet to acquire the Kabin Buri MREC plant, with consideration capped at US$15M and weighted to shares and production-linked payments.
Q2 2026 · Delivered
Feedstock framework and flowsheet in place
Framework offtake with Enuo for African monazite concentrate, now doubled to 10,000tpa, and a proven seven-stage hydromet flowsheet.
Q3 2026 · Delivered
DFS delivered, Thai construction underway
The updated Yangibana DFS confirmed a pre-tax NPV8 of A$649M and a 34% pre-tax ungeared IRR. We lifted planned Thai output to around 12,000tpa MREC and construction has commenced at Kabin Buri.
Q2 2027 · Targeted
Commissioning and first MREC
Commissioning with African monazite feed, targeting initial MREC production from the expanded plant.
H2 2027 to early 2029 · Targeted
Scaling towards 36,000tpa
A 12-month plant design programme targeting 36,000tpa of MREC output capacity, with production at expanded capacity targeted for late 2028 to early 2029.
Latest announcements
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