Image paid for final Boonanarring shipment
ASX-listed Image Resources has received A$22-million from the sale of its final bulk shipment of heavy mineral concentrate (HMC) from its Boonanarring mineral sands project, in Western Australia.
Mining and processing at Boonanarring were completed in August.
The final shipment of 27 700 wet metric tonnes was loaded on November 19, and on November 28, the company received its payment. Image now has cash of about A$50-million.
Over the five-year mine life, the project produced 1.17-million tonnes of HMC and generated almost A$800-million in gross revenues.
“By every measure, the Boonanarring project, from construction and commissioning, through startup and operation to completion of the final HMC shipment, has been a success.
Project construction was completed on time and on budget, followed by a very rare accomplishment of ramping up to nameplate capacity in only the second month of operation,” commented MD and CEO Patrick Mutz.
Image will relocate mining and processing equipment to Atlas, as soon as permitting is finalised. Atlas is a high-grade mineral sands mine, containing 5.5-million tonnes of ore reserves at 9.2% total heavy minerals and with 96% contained heavy minerals in the proved ore category.
The company is also engaged in feasibility studies for other projects.
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