Half Year Accounts
Perth, Aug 20, 2021 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) continued to build on its success in 2020 to achieve record production in the half year ended 30 June 2021.
The following summarises the key drivers of operational and financial performance for 1H 2021:
- Record heavy mineral concentrate ("HMC") production of 187kt for 1H 2021 compared to 167kt for 1H 2020. Strong HMC production in the March quarter ("Q1") of 85kt was followed by record HMC production in Q2 of 102kt.
- HMC sales of 152kt for 1H 2021 compared to 110kt for 1H 2020 puts the Company on track to meet sales guidance for 2021 of 300,000 to 320,000 tonnes.
- A lower average HMC realised sales price of A $480 per tonne for 1H 2021 compared to A $642 per tonne for 1H 2020 was mainly due to lower average zircon grades in HMC and a stronger A$ versus US$.
- Cost of sales (excluding depreciation and amortisation) of $288 per tonne for 1H 2021 compared to $228 per tonne for 1H 2020 with a key contributor being higher shipping costs.
To view the full half year report, please visit:
https://abnnewswire.net/lnk/68951M8M
About Image Resources NL
Image Resources NL (ASX:IMA) is a mineral sands focused miner and supplier of critical minerals titanium dioxide, zircon and monazite containing rare earth elements for sale into global markets. The Company has a demonstrated track record of successful project development and operations at its Boonanarring project located 80km north of Perth in the infrastructure rich North Perth Basin.
Boonanarring was a high-grade, high-zircon, low capital cost mine development that was constructed on-time and on-budget in CY2018 and then ramped up to name plate capacity in the second month of operation and went on to operate profitably through Q3 2023. Debt for the project was paid off early in February 2021 and the Company paid dividends to shareholders in April 2021 and April 2022.
Image completed critical construction of the Atlas project in January 2025 and started commissioning and achieved first HMC production in February 2025 and will be ramping up production and revenue from Atlas in Q2 CY2025.
Chapter 1 operating strategy for Image involved the transition from advanced explorer to active miner in CY2018, operating a single mine and producing a single product (HMC) sold into a single jurisdiction (China). Chapter 2 strategy (post Atlas) will focus on the Company's growth and sustainability ambitions which includes the operation of multiple mines in parallel, producing multiple products (separating HMC), and selling into a global market.
The Company is also investigating a significant value adding step of upgrading its ilmenite to synthetic rutile using a lower GHG emissions, innovative process which Image has provisionally patented, and aims to demonstrate the technical and economic feasibility of this novel process in CY2025-26.
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