(Yicai Global) Nov. 20 -- Guangdong Orient Zirconic Industry Science and Technology Co. (Orient Zirconic Industry) [SHE:002167] and Australian company Image Resources NL [ASX:IMA] have received all required governmental approvals for the start of the joint construction of the Boonanarring Zirconium Ore Project in the North Pars basin, Australia, the Australian Department of Water and Environment Regulation stated yesterday.

The project will start producing zirconium ore in the second half of next year.

The Boonanarring Project is focused on high-grade mental zirconium ore. Orient Zirconic Industry and its holding subsidiary Murray Zircon Pty Ltd provides Image Resources NL with mining equipment and short-term loans while purchasing 90 percent of its zirconium products in Boonanarring and mining deposits in follow-up production. Murray Zircon Pty Ltd may, under certain conditions, buy up to 47 percent of shares of Image Resources NL in the form of a rights offering. 
The metal zirconium refers to a refractory metal material which has been widely applied in the atomic energy industry.