A February shipment slipped into this week.

 

To make up the shortfall it has secured a sales agreement for a further shipment has also been secured with loading planned for the final week of the month.

 

It means the company should achieve its goal of completing three shipments in the March quarter.

 

The miner has also been successful in increasing the size of shipments by 5000 tonnes to 25,000t for both scheduled March shipments.

 

Image hopes to maintain the increased cargo capacity, or schedule more frequent shipments, to accommodate higher HMC production forecast for 2020 compared to 2019.

 

With the HMC separation facilities in China are returning to full production, Image doesn't anticipate any significant setbacks for the rest of the year.

 

"Since the emergence of the coronavirus in China, we have been in close contact with our offtake partners to understand the risks and potential effects to their employees, their business operations and local economy in which they operate," managing director Patrick Mutz said.

 

"It is pleasing to learn they have not been affected directly and are now returning to normal operations and full production.

 

"This provides an opportunity for Image to complete a third shipment of HMC by the end of March, and meet its Q1 forecast shipping schedule."

 

The miner has also benefitted from 11-year lows for the Australian dollar, which should have a positive impact on revenue, aiding already higher prices caused by increasing demand for ilmenite and rutile.

 

The higher prices have been largely off-setting, what is believed to be, a temporary softening of zircon prices.

 

Boonanarring has now been in full production for a full year, with the company producing 270,000t, having twice increased guidance, with plans to produce between 300,000-350,000t over the next two years.

 

It delivered a profit of $21 million, and expects to pay off its debts by mid-2021. 

 

Image shares were up 19% in early trade to 19c, valuing the miner at $185 million.