Principle native title agreement for Trip taka Development
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.