Iluka Resources is a finalist in the 5th Annual Australian Mining Prospect Awards.
The company has been granted a mineral lease by the South Australian Government for its Jacinth Ambrosia project.
The lease, which spans for a period of 21 years, allows Iluka to proceed with applying for various Works Approvals to commence infrastructure work, including roads, construction of an accommodation village and commencement of other site works, including establishment of water and power supplies.
Jacinth-Ambrosia is a major zircon deposit. When developed, it will represent a globally significant, long-life source of zircon.
It 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.
The project is expected to have an economic life of at least ten years and produce over 300,000 tonnes per annum of zircon in the initial years following commissioning and ramp up in 2010.
Jacinth-Ambrosia will represent a large, long-life mining operation and is expected to be the largest, highest quality new source of zircon.
Zircon is used in a range of industrial and consumer applications, including the manufacture of ceramics, tiles and sanitary ware as well as in specialist applications such as zirconia and zirconium metal. The Iluka Board approved the expenditure of up to $420 million for the project in May this year and mining leases were granted by the Department of Primary Industry and Resources in July 2008.