Image Resources Generates First Revenue from Boonanarring

THE BOURSE WHISPERER: Image Resources (ASX: IMA) has loaded the first bulk shipment of nominally 10,000 wet metric tonnes of heavy mineral concentrate (HMC) from the company’s 100 per cent-owned Boonanarring mineral sands project, located north of Perth in Western Australia.

Image Resources secured payment for the shipment by way of a letter of credit (LC) under a life-of-mine off-take agreement with Shantou Natfort Zirconium and Titanium Co., Ltd.

The company expects to cash the LC once the ship departs from Bunbury Port.

“The Operating group…has delivered on another very significant milestone for the company, being completion of the first bulk shipment of HMC and receipt of first revenue,” Image Resources managing director Patrick Mutz said in the company’s announcement to the Australian Securities Exchange.

“We look forward to developing a routine nominal monthly shipping schedule to support our aggressive mining and processing schedule.”