Image Resources has revealed its plans to invest A$52m ($38.68m) in developing its project comprising Boonanarring and Atlas mineral sands deposits in the North Perth Basin (NPB), Australia. 

According to a bankable feasibility study (BFS), the project has an estimated payback period of 22 months, pre-tax net present value (NPV) of A$135m ($100m) and a pre-tax internal rate of return (IRR) of 64%. 

The report stated that heavy mineral concentrate (HMC) production at the deposits will be 1,115 kilotonnes and 711 kilotonnes respectively.

The Boonanarring deposit, located around 120km north of Perth, is projected to have an initial mine life of five years.

When mining operations move to Atlas, three more years will be added to the deposit’s overall mine-life.

"When mining operations move to Atlas, three more years will be added to the deposit’s overall mine-life."

Image has signed an offtake agreement with China-based Shantou Natfort Zirconium and Titanium for 100% of the HMC to be produced over the project's life, with pricing based on then-current relevant market prices.

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The company noted that it will secure full project funding during the third quarter of this year, while the production will begin in March next year.

It is expected that the project schedule will be nine months, from completion of the BFS to the end of construction.

Image Resources’ NPB project area comprises 29 granted tenements and six applications covering 1,000km² between 80km and 180km north of Perth.