Boonanarring Mineral Sands Project: The next cab off the mineral sands rank
Managing Director Presentation at Noosa Mining Conference
Perth, July 19, 2017 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (IMREF:OTCMKTS) provides the Company's latest Managing Director presentation at Noosa Mining Conference.
Company Description and Focus
Image Resources NL
Emerging mineral sands producer
Actively focused on fast-tracking the development of its 100%-owned, high-grade and high-zircon flagship Boonanarring mineral sands project in the North Perth Basin in Western Australia.
First production targeted for early 2018.
Project Location
- North Perth Basin in Western Australia
- 80 km north of Perth CBD
- Proven mineral sands address
o Including majors Iluka and Tronox
- Infrastructure rich
o paved roads, power, gas pipeline water, telecommunications etc.
- Local communities and landowners experienced with, and accepting of, mineral sands mining.
Ore Reserves
- QUALITY ORE RESERVES
o JORC Code (2012) Compliant
o High HM, VHM and very high zircon at Boonanarring
Bankable Feasibility Study
Base Assumptions
- Start mining at Boonanarring
- Dry, open-cut mining
- Production rate - 500 dry tonnes per hour
o 3.7M dry tonnes per year
- Conventional gravity separation using spirals
- Product: Heavy Mineral Concentrate (HMC)
o Production rate: avg. approx. 220K tonnes/annum
o Truck to Bunbury for bulk shipments to China
Offtake Agreement
Advantages of HMC Offtake vs Zircon Offtake
- results in securing 100% of revenue instead of 65-70% for zircon only;
- provides faster access to revenue;
o letters of credit can be converted to cash as soon as each shipment of HMC departs the Bunbury port, compared to having to wait until the HMC is processed into final products and the zircon is loaded and departs the port of loading;
- reduces total working capital requirements by A$7-8M (due to the faster receipt of revenue); and
- eliminates risks and potential extra costs associated with HMC processing (separation) including processing and delivery schedules, product quality issues, administration and marketing.
- Reduces overall project capital (no capital contribution for HMC processing)
Upside Potential
Upside potential at and near Boonanarring
- Confirmed potential to extend mine life with high grade mineralisation;
- Potential to process lower grade overlying layer of mineralisation;
- Several other deposits with high grade mineral resources in the vicinity.
To view the full presentation, please visit:
http://abnnewswire.net/lnk/885GL97G
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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