Final Approval Received for Development of Boonanarring Project
Perth, Nov 8, 2017 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (IMREF:OTCMKTS) ("Image" or "the Company") is pleased to announce Image has received the final approval required for the construction and commissioning of its 100%-owned Boonanarring Minerals Sand Project located approximately 80 km north of Perth in the North Perth Basin.
As a central pillar of the process of fast-tracking the development of its high-grade, high-zircon Boonanarring project, Image has been focused on the receipt of all necessary approvals required for development, mining, processing and transport and sale of heavy mineral concentrate. On 30 October 2017, the Department of Water and Environmental Regulation (DWER) granted approval of the application for a 'Works Approval' under the Environmental Protection Act 1986.
In addition, as reported in the Company's 30 September 2017 Quarterly Activities Statement, three other approvals required for the development of the Boonanarring project were received in August 2017.
1. The 'Project Management Plan' was approved by the Department of Mines, Industry Regulation and Safety (DMIRS) on 1 August;
2. The 'Radiation Management Plan' was approved by DMIRS on 23 August; and
3. The 'Mining Proposal with Mine Closure Plan' was approved by DMIRS on 31 August.
Receipt of the Works Approval was the final approval required for Boonanarring and will serve to fulfil the project approval requirements to allow Image to proceed to a Decision to Mine. Remaining elements for a Decision to Mine are completion of project capital financing and finalisation (to the point of execution), of all key project services contracts. Both project financing and major contracts finalisation are expected to be completed in December 2017.
If the Board of Directors approves a Decision to Mine before the end of December 2017 as planned, project construction can begin in early January, with a project development of six (6) months to first production.
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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