Iluka to go ahead with Jacinth-Ambrosia development
09:55, Wednesday, 21 May 2008
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.
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