Principle native title agreement for Trip taka Development

Iluka Resources Ltd, on behalf of the Colona Joint Venture, has reached...

  Iluka Resources Ltd, on behalf of the Colona Joint Venture, has reached in-principle agreement with the Far West Coast Native Title Management Committee in relation to native title consent for the development of the Jacinth – Ambrosia (100% Iluka Resources) and Tripitaka mineral sands deposits (Colona Joint Venture: Iluka Resources 51%, Adelaide Resources 49%) in the Eucla Basin of South Australia.The Jacinth-Ambrosia and Tripitaka mineral sands deposits are located in the Eucla Basin of South Australia. Iluka is currently undertaking a Definitive Feasibility Study (“DFS”) for the potential development of the Jacinth-Ambrosia zircon mineral sands deposits, located approximately 200km north-west of Ceduna. The DFS is scheduled for completion in mid 2008. The indicative timeframe for first production, subject to Board and regulatory approvals, is mid 2010.The in-principle agreement is subject to the approval of the FWC Aboriginal community.The terms of the agreement are confidential but involve a range of measures associated with the development of mining operations at Jacinth-Ambrosia that will deliver employment, training and business development benefits for the FWC Aboriginal community together with programs to protect Aboriginal heritage.David Robb, Iluka’s Managing Director, said: “The agreement with the Far West Coast people is an important milestone in the development process for the Jacinth-Ambrosia deposit.”The agreement also covers the smaller Tripitaka deposit (Colona Joint Venture, Iluka Resources 51% and Adelaide Resources Ltd 49%) which is at an earlier, Pre-Feasibility Study stage of evaluation.