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Image Resources NL (ASX:IMA) has achieved its first shipment of heavy mineral concentrate from the Atlas mineral sands project in Western Australia.
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The first shipment – which contained 10,000 wet tonnes of HMC – left Geraldton Port on April 10, only two months after the start of project commissioning at Atlas.
The Image Resources sale – to longstanding offtake partner Shantou Natfort Zirconium and Titanium Co. – was organised through a continuing life-of-mine offtake agreement which mirrors the offtake arrangements previously used for HMC sales from the company’s Boonanarring project.
The shipment’s material will also allow Atlas to repay Natford according to a US$10 million HMC Offtake Prepayment Facility executed in October 2024.
Around 25% of the market value of the shipment was applied to this.
Managing director and CEO Daniel Mutz said this was a milestone in financial and development terms. “The first sale of product from any new development project is always a milestone worthy of recognition.”
He added: “Completing a first shipment just two months after commencement of commissioning is truly a notable accomplishment, particularly as this shipment marks Image’s return to revenue after a 16-month hiatus.”
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“On behalf of the board, I thank the entire Image team as well as our dedicated support contractors for making this accomplishment possible.”
IMA has been trading at 9 cents.
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