Sydney - Wednesday - May 21: (RWE Aust Business News) - Iluka Resources (ASX:ILU) has approved development of the Jacinth-Ambrosia mineral sands project, located in the Eucla Basin of South Australia. The board of Iluka has approved project capital expenditure of up to $420 million, which includes funding previously approved and announced in March 2008 for early initial engineering and procurement of certain long lead items. When developed, Jacinth-Ambrosia is expected to produce an estimated 6 million tonnes of Heavy Mineral Concentrate, incorporating approximately 2.9 million tonnes of zircon, plus associated rutile and ilmenite production streams. Subject to the necessary regulatory approvals, Iluka plans to commence mining and production activities and ship HMC from South Australia by the first quarter in 2010. The HMC is to be processed at its Narngulu minerals separation facilities at Geraldton, Western Australia, with first product expected to be available for sale in the second half of 2010.
ILU Price at posting:
0.0¢ Sentiment: Buy Disclosure: Not Held
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