Despite being overlooked by the big four Australian banks, Image Resources Ltd has secured financing for the Boonanarring mineral sands project, 80km north of Perth. Funding arrangements for the zircon-rich project started in mid-2017, with Image confident one of the four major banks would consider the value proposition at Boonanarring - 3.7 mtpa (dry) for 220,000t heavy mineral concentrate production for a pre-tax NPV of $197 million and pre-tax IRR of 104% - strong enough to attract a conventional loan of $50 million.
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