Atlas Project Construction Set to Commence
Perth, Aug 9, 2024 AEST (ABN Newswire) - Image Resources NL (
ASX:IMA) (I5R:FRA) is pleased to announce receipt of final approvals required to allow commencement of construction at its 100%-owned Atlas mineral sands project ("Atlas") located approximately 170km north of Perth in the North Perth Basin.
On 6 August 2024 Image received final approval for the Atlas project development from the Commonwealth as required under the EPBC Act as well as approval of the Offset Environmental Management Plan from the EPA. In addition, on 8 August 2024 Image received approval of the Banksia Woodlands Rehabilitation Environmental Management Plan from the EPA.
The groundwater operating strategy ("GOS"), which is required for DWER's approval of a 5C water abstraction licence and mine dewatering licence, is the only outstanding approval required for Atlas to proceed to full mine development. Importantly, approval of the GOS does not prevent commencement of on-ground construction of the processing plant and related infrastructure, nor the removal of mine topsoil and overburden above the water table. Approval of the GOS is anticipated in the coming weeks.
Managing Director and CEO Mr Patrick Mutz commented:
"Receipt of these penultimate approvals for Atlas from the Commonwealth and EPA serve as the trigger for mobilisation of contractors and equipment to Atlas starting the week of 12 August 2024.
Early construction works on the Atlas mining camp is more than 50% complete and deconstruction of the relevant sections of the Boonanarring wet concentration plant for relocation to Atlas is well underway.
On behalf of the Board of Directors I want to thank the various regulatory agency representatives and Image's permitting and development teams for continuing to push to mitigate further adverse impacts from permitting delays.
We look forward to the delivery of another rapid, streamlined, and efficient construction and commissioning effort."
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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