Castlelake backs Image

MINERAL sands hopeful Image Resources has struck agreements for A$50 million worth of secured loan notes to fund construction of its high-grade, zircon-rich Boonanarring mineral sands project 80km north of Perth.

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Global fund Castlelake has entered into an agreement to transfer the funds once all conditions have been met, which will allow Image to start construction before the end of the month, and get the operation into commissioning by October. 

The Anglo-American Castlelake has some US$13 billion of funds under management.

Image managing director Patrick Mutz said locking in debt funding was a milestone that would allow the company to “march confidently towards the finish line of its goal of transitioning to a profitable mining company”.

Image describes Boonanarring as one of the highest heavy-mineral grade, high-zircon, undeveloped mineral sands projects in Australia. 

The project is fully permitted and only requires A$52 million to develop.

Image already owns...