Strandline Resources on Monday told shareholders that all major construction contracts for the project had now been awarded, with all hybrid power station, doze mining units and processing plant engineering, procurement and construction work advancing on time.

“We have achieved all our key targets so far. The major construction contracts are now all issued, the site activity is ramping up quickly and each day we further de-risk the development phase and move closer to production and cashflow,” said MD Luke Graham.

“100% of our forecast production is covered by offtake agreements, and importantly, these contracts enable us to sell our higher value minerals of zircon, rutile and monazite at prevailing market prices.

“This means the company is set to take full advantage of the increasingly strong markets for our products with demand very buoyant and supply facing challenges in many parts of the world.”

Coburn has an ore reserves of 523-million tonnes and an initial mine life of 22.5 years at a planned average mining rate of 23.4-million tonnes a year, with the potential to extend its mine life to more than 37 years.