Perth, Feb 15, 2008 AEST (ABN Newswire) - The directors of Image Resources (ASX: IMA) are pleased to report that the Emu Nickel NL initial public offering (proposed ASX code: EMU), has closed after raising $10 million. The raising has been achieved despite difficult market conditions and indicates the extent of support for the spin-out of quality nickel assets from Image, allowing Image to focus on its core heavy mineral projects.
Holding statements and notifications will be mailed to applicants within the next week. Emu Nickel was incorporated to farm in to nickel assets acquired by Image over a number of years. Upon listing on ASX at the end of February, Emu plans to immediately instigate geochemical and geophysical surveys on several of its nickel projects. In addition, exploration programmes are already in progress on the Emu Lake, Kambalda West and Woongaring nickel projects as announced in the December 2007 quarterly report.
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.
| ||
|
