Macquarie cuts PT on Hastings Technology Metals citing infra costs

Hastings Technology Metals

18/07/2023 05:21

** Macquarie lowers PT for Hastings Technology Metals Ltd
 HAS.AX  after its fourth quarterly report reveals capital cost
expense for mine infrastructure works 
    ** Brokerage reduces PT by 7% to A$1.30, maintains "neutral"
rating 
    ** Co shares fall 2.7% to A$1.235
    ** The rare earths miner in Q4 report said it incurred A$106
mln ($72.38 mln) of the A$470 mln capital cost to advance early
infrastructure works at Yangibana project located in Gascoyne
region
    ** Macquarie narrows loss forecasts by 2-6% for FY23-FY25
but lowers EPS view by 3% for FY26 and beyond
    ** Says securing debt financing agreements for Yangibana
Stage 1 would be key near-term catalyst for HAS
    ** HAS shares 63.6% this year 
    
($1 = 1.4646 Australian dollars)

 (Reporting by Poonam Behura)
 ((Poonam.Behura@thomsonreuters.com;))