The Board of Directors has approved continuing with budgeted expenditures for permitted Preliminary Works for the Atlas project development. Preliminary Works include, but are not limited to, construction of the Atlas accommodation camp and deconstruction of the wet concentration plant ("WCP") at Boonanarring in preparation for transport to Atlas.
The Board remains committed to the Atlas development based on (1) positive project economics; (2) significant capital expenditure having already been made for the development of Atlas; (3) the absence of a superior project development option within the same time frame, and (4) the funding of Atlas on-ground construction from cash reserves.
On-ground construction of civils, erection of processing equipment, mining box cut and supporting infrastructure at Atlas are scheduled to commence in Q3 2024 following receipt of secondary approvals which includes Works Approval, Water Abstraction Licence, Mining Proposal and Management Plan, as well as Commonwealth approval under the EPBC Act.
Managing Director and CEO Mr
"We continue to advance pre-development activities for Atlas, and it is gratifying to be able to see the light at the end of the tunnel leading to the commencement of on-ground construction activities.
We have an aggressive construction schedule with ambitions for first HMC production late in Q4 2024 or early Q1 2025, leading to first revenue in Q1 2025."
Construction of the accommodation camp at Atlas is permitted under the
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Boonanarring is arguably one of the highest grade, zircon-rich mineral sands projects in
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