GR Engineering Services Limited has been awarded an engineering, procurement and construction (EPC) contract with Yangibana Pty Ltd, a wholly owned subsidiary of Hastings Technology Metals Limited (ASX: HAS) (Hastings), for a beneficiation plant and associated infrastructure for the Yangibana Rare Earths Project (the Project) in Western Australia.
As previously announced on 3 May 2023, GR Engineering had entered into a binding term sheet with Yangibana Pty Ltd for these works.
The contract sum, including the provisional sum, is $210 million as previously disclosed. GR Engineering has commenced early works up to an agreed capped amount. The EPC contract is conditional on GR Engineering being issued with a commencement notice, which is dependent on Hastings finalising funding for the Project as well as a number of other pre-conditions standard for an EPC contract.
