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Image Resources NL
Summary
| Project: | Atlas | |
|---|---|---|
| Deposit: | Atlas | |
| Location: | Australia | |
| Commodities: | Zircon-Rutile-Leucoxene-Ilmenite | |
| Date: | 5/30/2017 | |
| Report Code: | JORC | |
| Report Type: | Feasibility Study | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 30-5-2017: Image Resources NL announces a Feasibility Study report for its Atlas deposit at the Atlas project. Feasibility study results incl. pre-tax NPV(8%) of A$135M, IRR of 64%, LOM of 8yrs. Image Resources NL (ASX: IMA) (“Image” or “the Company”) is | |
| Resources: | (Reserve, Prob.): 9.5Mt @ 8.1% HM at Atlas | |
| CP/QP: | [Overall Report]: n/a (n/a) | |
| ABSTRACT: | Image Resources NL (ASX: IMA) (“Image” or “the Company”) is pleased to announce the results of a Bankable Feasibility Study (BFS) on its 100%-owned Boonanarring and Atlas mineral sands deposits (collectively the ‘Project’) located in the infrastructure-rich North Perth Basin, with Boonanarring approximately 80 km north of Perth, Western Australia. The Project is considered a very low capital cost project when compared to other mineral sand projects (Figure 3) with a rapid payback period estimated at just 22 months. The BFS includes estimated project capital costs of approximately A$52M with approximately $8M for the purchase of land which is resalable following the completion of mining and rehabilitation. The pre-tax NPV for the Project is estimated to be A$135M, based on TZMI forecast mineral sands prices (Figure 1), using an 8% discount rate, with a corresponding IRR of 64%. Importantly, using current ‘spot’ commodity prices as at 30 April with no escalation in future years, results in a very healthy pre-tax NPV estimate of A$58M. This estimate will increase as commodity prices rise; for example, as recently announced by Iluka Resources indicating a zircon price increase of US$130/tonne (up to US$1,100/tonne), scheduled to take effect 1 July 2017. | |
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