Image Resources NL (ASX:IMA)
Perth, May 4, 2009 AEST (ABN Newswire) - Image Resources NL (ASX:IMA)(PINK:IMREF) is pleased to announce that another Memorandum of Understanding (MOU) has been signed on its North Perth Basin heavy minerals project. The objective of the MOU is to facilitate a review of Image's North Perth Basin HM project as a step towards the commercialisation of these assets.
The MOU was signed with Fibonacci Group Ltd, a private Chinese investment house based in Beijing, sourcing funds from private companies and sophisticated investors. Fibonacci plans to list in due course on the Hong Kong Stock Exchange to raise further capital but currently has US$500 million in funds to invest.
The aim of the Fibonacci Group is to provide funds to emerging resource companies world-wide with near-term production potential for commodities which are in demand in China. Fibonacci plans to act as a strategic partner to selected companies by direct injection of capital and working with these companies to start production and helping to sell the product into the Chinese market.
The directors of Image Resources welcome the interest of the Fibonacci Group in the development of the North Perth Basin project.
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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