Iluka aquires Sri Lankan tenements
PERTH (miningweekly.com) – Mineral sands miner Iluka Resources has increased its heavy mineral resource base by some 46%, following the acquisition of Sri Lanka-based PKD Resources.
In August this year, Iluka announced that it would acquire all the issued capital of PKD Resources, which owns exploration tenements covering some 146 km2.
The tenements contain mineral sands resources of about 689-million tonnes at an average grade of 8.2% heavy minerals, for 56-million tonnes of heavy minerals.
Iluka said on Thursday that while the tenement areas were subject to feasibility work and all necessary Sri Lankan regulatory approvals, as well as company approvals, it was expected that the project area could deliver a capital efficient, financially attractive investment opportunity.
The resource would represent the single largest heavy mineral resource in Iluka’s inventory, providing the opportunity for a long life, material production base with possible mining extensions or expansions.
Iluka would shortly start feasibility work on the potential development of the deposit, and was progressing the appointment of a project development team, as well as engaging with Sri Lankan officials to secure the necessary approvals.
Iluka has been cutting back on production recently, nearly halving its combined zircon, rutile and synthetic rutile production during the first half of 2013, as weaker demand continued.
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