The mine had only been producing Ilmenite for less than a year when it was put into care and maintenance mode in June last year, leaving 35 people out of work. At the time Belridge blamed softening Ilmenite prices for the decision to halt production.
Dr. Charles Entrekin, Chairman of Melior, said, “We are very pleased to have closed the transaction to acquire the Goondicum project and excited at the opportunities that bringing the operation back into production will yield.”
Under the purchase agreement, the Canadian company invest $US 15 million to re-start production at the mine.
At this stage the company has not indicated when the mine will again begin production.
Most ilmenite is mined for its high levels of titanium dioxide. Titanium dioxide is a white pigment powder used in plastics, paper and paint.