Strandline Resources Limited (ASX: STA) is pleased to advise that construction of its 100 per cent owned Coburn mineral sands project in Western Australia is now 75 per cent complete.
Coburn's construction remains in line with its timetable and capital budget, ensuring it is on track for first production of HMC later this year.
The critical mineral markets for zircon, titanium, and monazite rare earths remains tight, underpinned by strong long-term demand drivers, such as global growth, urbanisation, rising living standards and an extensive array of applications, including global electrification and renewable energy. The market trend is towards supply deficit with a lack of new quality projects on the horizon.
Strandline is exceptionally well positioned to capitalise on this supply shortfall, with 100 per cent of Coburn's production covered by binding offtake agreements with some of world's largest consumers across Europe, America and Asia. Importantly, these contracts enable Strandline to take advantage of rising prices. Coburn construction continues to progress in accordance with the overall project plan, with strong progress achieved on critical path activities, including the wet concentration plant and supporting infrastructure.
Strandline Managing Director Luke Graham said 'The Company is fast closing in on the start of production at Coburn, with strong progress on site and the tailwind of high mineral sands prices. 'I would like to thank our staff and contractors for their skill and commitment, often in the face of difficult conditions, for helping ensure that we are positioned to capitalise fully on this exciting opportunity'. As Coburn approaches peak activity and manning on site, the Company continues to focus on managing the various risk factors associated with development of the project. This includes, but not limited to, HSE risks, potential impacts of COVID-19, inclement weather, contractor performance and contractual claims. The capital expenditure (Capex) forecast to complete the project, including an assessment of contractual claims received to date, is regularly evaluated by the Company's technical, financial and legal experts. The project forecast remains in line with the overall Capex budget
ABOUT COBURN MINERAL SANDS PROJECT
In May 2021 Strandline made a Final Investment Decision (FID) to proceed with the full development of its world-scale Coburn mineral sands project, located in the Gascoyne region of Western Australia. The construction schedule has first production of HMC planned for the December quarter of 2022. The Coburn project is set to capitalise on its robust margins, the strengthening minerals sands commodity pricing outlook, its tier-1 location, and the growing demand for critical minerals. The Coburn mine life currently sees mining continue until 2045 (based on mining the initial 22.5-year JORC compliant Ore Reserves), with the potential to extend to 2060 (total 37.5 years mine life) by converting Mineral Resources which exist immediately north and along strike of existing Ore Reserves.
Contact:
Luke Graham
Tel: +61 8 9226 3130
Email: enquiries@strandline.com.au
FORWARD LOOKING STATEMENTS
This report contains certain forward looking statements. Forward looking statements are only predictions and are subject to risks, uncertainties and assumptions which are outside of the control of Strandline. These risks, uncertainties and assumptions include commodity prices, currency fluctuations, economic and financial market conditions, environmental risks and legislative, fiscal or regulatory developments, political risks, project delay, approvals and cost estimates. Actual values, results or events may be materially different to those contained in this announcement. Given these uncertainties, readers are cautioned not to place reliance on forward looking statements. Any forward looking statements in this announcement reflect the views of Strandline only at the date of this announcement. Subject to any continuing obligations under applicable laws and ASX Listing Rules, Strandline does not undertake any obligation to update or revise any information or any of the forward-looking statements in this announcement to reflect changes in events, conditions or circumstances on which any forward looking statements is based.
ABOUT STRANDLINE
Strandline Resources Limited (ASX: STA) is an emerging producer of heavy mineral sands with a portfolio of 100%-owned development assets located in Western Australia and within the world's major zircon and titanium producing corridor in East Africa. Strandline's strategy is to develop and operate high margin, expandable mining assets with market differentiation and global relevance in the sector. Strandline's project portfolio contains high quality assets which offer a range of development options and timelines, geographic diversity and scalability. They include the world-scale Coburn Project in WA, currently under construction, and the exciting Tanzanian growth projects Fungoni and Tajiri.
STRANDLINE RESOURCES LIMITED 
