Company introduction and key reasons for success
Australia’s newest mineral sands mining company
- Transitioned from advanced explorer to active miner in 2018
- Developed flagship Boonanarring Project in North Perth Basin
- One of the highest grade, zircon-rich projects in Australia
- 1st of 12 projects in 100%-owned portfolio; all with mineral resources
- Construction completed on-time and on- budget (6 months; $52m)
- Commenced production in Dec 2018
- Ramped up to full production in only 2nd month of operation
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About Image Resources NL
Image Resources NL (ASX: IMA) is Australian’s newest mineral sands mining company, operating open-cut mining and ore processing facilities at its 100%-owned Boonanarring Mineral Sands Project located 80km north of Perth, in the infrastructure-rich North Perth Basin in Western Australia.
Boonanarring is arguably one of the highest grade, zircon-rich, mineral sands projects in Australia. The project was constructed and commissioned on-time and on-budget in 2018 and production of heavy mineral concentrate ramped-up to exceed name-plate capacity in only the second month of operation (January 2019).
Image has now completed two full years of successful operations (CY2020 and CY2021), with performance meeting or beating market guidance ranges in all categories. NPAT for CY2019 was A$20.8m and A$24.8m for CY 2020. As of February 2021, the Company is debt-free and will be paying an inaugural A$0.02 dividend in April 2021.
The Company is focused on maintaining its strong operational performance while investigating the development of a second operating centre in parallel with current operations. The most likely second operating centre will be at the Company’s Bidaminna project, located 25km northwest of Boonanarring, which is a dredge mining prospect with recently announced Mineral Resources of 102 million tonnes at 2.2% total heavy minerals and a potential mine-life of 10 years.