Published: February 22, 2023 |

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Iluka Resources has taken a final investment decision (FID) on the Balranald critical minerals project in New South Wales, Australia, which will involve a capital cost of A$480 million ($330 million).

The FID follows a definitive feasibility study (DFS) for the critical minerals project, which was completed in late 2022.

Located in the Riverina district, the Balranald project is a rutile and zircon rich deposit. It also contains material quantities of rare earth minerals.

The Balranald critical minerals project is expected to produce an average of 60,000 tonnes per annum (60ktpa) rutile, 50ktpa zircon, 50-70ktpa synthetic rutile, 150ktpa sulphate ilmenite, and 4ktpa rare earth concentrate (REC).

According to Iluka Resources, the construction period of the critical minerals development project is 18 months and the first production is expected in the first half of 2025.

The net present value of the Balranald development is A$400 million ($275 million), while the initial estimated mine life is 9.5 years.

Iluka Resources stated that the Balranald project has received all the necessary environmental permits to begin operations. The approval for mining was received through a modification of consent (MOD) to the approval granted in 2016 for an open cut operation.

To be developed using underground mining (UGM) technology, the Balranald development project will be financed internally by the company.

“Iluka’s UGM technology is akin to keyhole surgery for the mining of critical minerals,” said Iluka Resources Managing Director Tom O’Leary.

“This enables access to ore bodies previously thought uneconomic, with marked reductions in both environmental disturbance and carbon intensity relative to traditional mineral sands extraction techniques, which are themselves less impactful than other commodities,” added O’Leary.

Source: NS Energy

About Iluka Resources
Iluka Resources Limited engages in the exploration, project development, mining, processing, marketing, and rehabilitation of mineral sands. The company operates through Jacinth-Ambrosia/Mid West, Cataby/South West, Sierra Rutile, and United States/Murray Basin segments. It produces zircon; titanium dioxide products of rutile and synthetic rutile; and ilmenite, as well as activated carbon and iron concentrate products. The company also engages in the exploration of rare earths elements, such as monazite and xenotime. Its products are used in technology, construction, medical, lifestyle and industrial applications. It has operations in Australia, China, rest of Asia, Europe, the Americas, and internationally. The company was formerly known as Westralian Sands Limited and changed its name to Iluka Resources Limited in May 1999. Iluka Resources Limited was incorporated in 1954 and is headquartered in Perth, Australia.

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