Approval of Mining Proposal for Atlas Minerals Sands Project
Perth, July 31, 2024 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (I5R:FRA) is pleased to announce receipt of approval of the Mining Proposal for its 100%-owned Atlas mineral sands project ("Atlas") located 170km north of Perth in the North Perth Basin.
On 19 July 2024 the Department of Energy, Mines, Industry Regulation and Safety ("DEMIRS") advised the Mining Proposal for Atas has been approved. The proposal covers Atlas project construction and operation.
Image has also received notice from the Commonwealth on its proposed conditions for approval of the Atlas development proposal under the EPBC Act. The Company has provided its response on the proposed conditions and final Commonwealth approval is anticipated in early August 2024.
The remaining required approvals for Atlas include the groundwater operating strategy ("GOS"), Offset Environmental Management Plan ("OEMP") and the Banksia Woodlands Rehabilitation Environmental Management Plan ("BWREMP"). Approvals of the GOS (which leads to a water abstraction licence), OEMP and the BWREMP are anticipated in early August 2024 which will allow commencement of on-ground construction at Atlas in Q3.
Managing Director and CEO Mr Patrick Mutz commented:
"Scheduling of contractor mobilisation to Atlas is progressing in anticipation of receipt of the final permits in August and the start of project construction. Early works camp construction is well underway and deconstruction of the Boonanarring WCP has been initiated. The next six months are slated to see a flurry of construction activities, with a stretch goal of commencing project commissioning at the end of December."
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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