Image Resources NL (ASX: IMA) (“Image” or “the Company”) is an established, profitable Australian mineral sands mining company operating at its 100%-owned, high-grade, zircon-rich Boonanarring Project located 80km north of Perth in the infrastructure-rich North Perth Basin in Western Australia.
Image built a solid reputation by delivering on the successful, on-time, on-budget construction, and commissioning of the Boonanarring Project in CY2018, and ramping up to full nameplate capacity in only the second month of operation. This was followed by four consecutive calendar years of operational success that led to early repayment of debt in CY2021 and payment of a $0.02 per share dividend to shareholders in CY2021 and again in CY2022.
In CY2022 the Company completed two strategic acquisitions of mineral sands projects that increased total Mineral Resources owned by the Company 15-fold to 6.4 billion tonnes, with the vast majority located within 25km of established operations at Boonanarring.
Image is focused on maintaining profitable operations and is currently focused on relocating mining and processing operations from Boonanarring to its 100%-owned, high-grade Atlas project, while also conducting a DFS on its 100%-owned Bidaminna project, PFS on its 100%-owned Yandanooka project, and scoping study on its 100%-owned McCalls project with potential 50-year mine life. The goal is multiple projects operating simultaneously, multiple products marketed globally, and multi-decade overall mine life.
The Company is also conducting a PFS on a mineral separation plant to be constructed at the current location of the Boonanarring processing plant to take advantage of installed infrastructure, including an existing solar farm, roads, water, power and miscellaneous support buildings. Testwork is also being conducted on converting high-volume ilmenite to high-value synthetic rutile as a significant value-add step to expanding profitability.
Image has also been focused on overall ESG issues from its first full operating year in CY2019 and has adopted a formal reporting framework and has published its inaugural ESG Sustainability Report, available on its website at www.imageres.com.au.
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