On 4 December 2018, Image Resources NL (ASX: IMA) has said that it has completed one more development project which is exhibited by the completion of the wet commissioning and the commencement of the production ramp-up period at its fully owned zircon-rich Boonanarring mineral sands project located at 80 km north of the Perth, in the northern Perth basin in Western Australia. On 25 October 2018, the company started installation of HMC production at Boonanarring in which first production of HMC was delivered on 19th of November 2018. The wet commissioning has progressed as per the pre-decided schedule with no delays & interruptions and no re-adjustments needed. Moreover, the ore processing rates that were achieved in the process were much higher than that was planned. Considering these back-to-back successes, the wet commissioning has been declared as complete with effect from the 01 December 2018 and the commencement of the ramp-up period has been declared.
The production ramp-up period has also been aggressively scheduled so that the firm can achieve the feasibility study processing target rate of 500 dry tonnes of ore per hour (DTPH) in the period of just six months. The production processing duration & rates that were registered during the fag end stage of the wet commissioning were recorded at 400 DTPH for several 24-hour operating periods without any of the recorded downtimes. This rate of operation corroborates the management’s anticipation of achievement of the target production rates within the scheduled six months ramp-up period. The company’s Managing Director, Patrick Mutz has said that this project development team has delivered phenomenal results by completing the wet commissioning within the scheduled timeline. Due to this exemplary performance of the project, the General Management of the project development, Todd Colton has been promoted to the position of Chief Operating Officer with effect from 01 December 2018.
Now the company is more than ever focussed for the first shipment of the first HMC product as well as the receipt of the first revenue which is expected to be received in the late December or early January in the next year. Moreover, the company expects to achieve the positive project cash flows at the end of the first quarter of 2019.
Meanwhile, the share price of the company has fallen by 8 percent in the past six months as on 4 December 2018. Company’s shares traded at $0.120, up by 4.348 percent with a market capitalization of circa $109.56 Million as on 5 December 2018 (AEST 04:00 PM).
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