imx resources ltd (IXR) Details
IMX Resources Limited operates as an iron ore mining, and base and precious metal exploration company. The company engages in the prospecting, exploration, extraction, and production of minerals primarily in Australia, Tanzania, Mozambique, and India. It principally explores for iron, gold, copper, nickel, sulphide, magnetite, uranium, and platinum-group metal deposits. The company operates the Cairn Hill Mining project, which is located to the south east of Coober Pedy, South Australia; owns and operates the Nachingwea Regional Exploration Project, which includes the Ntaka Hill Nickel Sulphide Project and is located near Mtwara port, south-east Tanzania; and holds interests in Mt Woods Project that consists of seven exploration licenses and is located to the southeast of Coober Pedy, South Australia. It also has interests in various base and precious metal exploration projects. The company was incorporated in 1985 and is based in West Perth, Australia.
imx resources ltd (IXR) Top Compensated Officers
Managing Director and Director
Total Annual Compensation: A$270.0K
Chief Financial Officer
Total Annual Compensation: A$208.0K
General Manager of Cairn Hill Project
Total Annual Compensation: A$361.7K
Compensation as of Fiscal Year 2012.
IMX Resources Limited Receives the Results of the Preliminary Economic Assessment on the Mount Woods Magnetite Project
Jun 4 13
IMX Resources Limited announced that it has received the results of the Preliminary Economic Assessment on the Mount Woods Magnetite Project. The Project is located approximately 15km south-west of IMX's operating Cairn Hill Mine (IMX 51%) near the town of Coober Pedy in South Australia. Post-tax real NPV and operating margin calculated assuming a CFR China 62% Fe benchmark price of USD 97.50 per dmt, AUD/USD exchange rate of 0.85, grade premium of USD 3.50 per dmt/% Fe above benchmark grade and a post-tax real discount rate of 9%. IRR is post-tax real on project returns before any gearing. The 2.5 Mtpa option exporting through Port Adelaide was selected as a base case, as it balances capital expenditure with ability to finance given current market conditions and IMX's market capitalisation, while presenting a project that does not require third party investment in infrastructure development. The production rate of 2.5 Mtpa also represents the maximum rail capacity to Port Adelaide from Mt Woods, utilising the container based system and existing train paths currently used for Cairn Hill, given a maximum possible train length on the rail line of 1.8km. With an Inferred Resource base at the Snaefell deposit at Mt Woods of 569 Mt, grading 27.1% Fe (at 18% Fe cut off grade) along with the previously announced exploration targets of between 0.9 and 1.2 Bt ranging between 25% and 32% Fe at Tomahawk, Axehead and other prospects in the area, there is considerable scope to support a significantly larger operation than the base case 2.5 Mtpa option detailed above. Larger options, specifically at 4.7 Mtpa and 9.4 Mtpa nominal production rates, were investigated as part of the Scoping Study and these demonstrated expected increased Project returns. In addition, scope exists to improve returns over the base case 2.5 Mtpa option by taking advantage of a possible development of a multi-user port facility at Port Pirie, using transhipment to load the product onto Capesize vessels. This port option was investigated and shown to increase the FOB operating margin by AUD 14 per tonne of product, for a modest increase in capital costs of approximately AUD 20 million. The impact of this was an increase in preliminary post-tax Project NPV(4) of AUD 134 million to AUD 422 million. This option, along with other Project optimisations, will be further investigated, however realisation relies on decisions and actions by third parties and there is therefore less certainty associated with this development option. The concentrate produced from the dry and wet magnetic processing of the ore has been predicted, at a grind size of 80% passing 80 microns, as a product with a composition of 68.5% Fe, <3.5% SiO(2), <1% Al(2) O(3), <0.015% P, <0.15% TiO(2) and <0.004% S. This high-grade magnetite concentrate is expected to attract typical grade based premiums. The power supply options were investigated by Power Network Strategies, who have detailed knowledge of the power infrastructure in South Australia, and in particular as it relates to the delivery of power to Olympic Dam and Prominent Hill. This technical study identified that up to 30 MW of load could be supported with the installation of a 132 kV overhead power line from Prominent Hill to the Mt Woods mine site and higher loads could be supported by connection back to Olympic Dam. Direct costs for the power line to site, to support the base case were estimated by Engenium to be approximately AUD 21 million (excluding costs of on-site transmission).
IMX Resources Limited Announces Board Changes
May 24 13
IMX Resources Limited announced the appointment of Mr. Sun Wei to the IMX board of directors as a non-executive director. Mr. Sun commenced his role as a non-executive director with the IMX Board on 23 May 2013 and replaces Mr. Song Yuan Gang who resigned from the IMX Board on the same day. Mr. Sun, who has been acting as an alternate director for Mr. Song, is General Manager of TFA International Pty Ltd., an Australian subsidiary of Taifeng Yuanchang International Development Co Ltd. Mr. Sun holds non-executive directorships with Pepinnini Minerals Limited and Ferrowest Resources Limited, both of which are listed on the ASX and has significant experience in resources investment and mineral projects analysis.
IMX Resources Limited Provides Updated Information on the Progress of its Exploration Work at MT Woods Copper-Gold Joint Venture Project
May 21 13
IMX Resources Limited provide updated information on the progress of its exploration joint venture with OZ Minerals Limited known as the Mt Woods Copper-Gold Joint Venture Project. In the second half of calendar year 2013, OZ Minerals plans to commence a $2.6 million field program to explore for haematite-hosted iron oxide copper gold deposits, involving 4,300 m of diamond core drilling and delineation of targets using detailed ground based gravity and other geophysical surveys, the majority of which is expected to be carried out during the first half of 2014. Commencement of the exploration work is also subject to receipt of relevant approvals.