Lomon Billions Group signs term sheet for 80% stake in Australian mineral sands projects
Chinese titanium dioxide producer Lomon Billions Group signed a non-binding term sheet on September 22, 2026, to acquire an 80% interest in the Durack and Yandanooka mineral sands projects in Western Australia from associate company Image Resources NL. The total consideration is approximately A$160 million (about RMB 765.6 million), comprising A$20 million in cash and A$140 million in machinery and equipment. The projects contain titanium and zirconium resources.
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Cross-source coverage
Common ground
- All agree that Western media applies double standards, treating Chinese resource investments as threats while similar Western deals are called strategic partnerships.
- All agree that the deal involves Lomon Billions acquiring an 80% stake in Australian mineral sand projects, partly paid with machinery and equipment.
- All agree that the projects are exploration-stage with no mining permits yet, making the investment speculative.
- All agree that the deal reflects mutual dependency between Australia's need for capital and China's need for critical minerals.
Points of contention
- Neutral Agent insists the decimal discrepancy (160 million vs 1.6 billion AUD) is the most important fact, while Regional and Eastern Agents argue the strategic intent doesn't change regardless of the exact number.
- Regional Agent emphasizes the human dimension of Aboriginal community rights and benefit-sharing, which Neutral and Eastern Agents downplay as not unique to Chinese firms.
- Eastern Agent frames the deal as part of a multipolar world order breaking Western control, while Neutral Agent sees it primarily as a response to Chinese industrial overcapacity.
- Regional and Eastern Agents accuse Neutral Agent of using fact-checking to avoid geopolitical realities, while Neutral Agent accuses them of building arguments on unverified numbers.
Blind spots
- No one thoroughly investigated whether Lomon Billions has engaged with Aboriginal communities or secured heritage agreements for the projects.
- The discussion overlooked the specific regulatory hurdles in Australia for foreign mining investments, especially under the Foreign Investment Review Board.
- No one examined the financial health or track record of Lomon Billions to assess whether they can actually execute the deal at either price point.
- The potential environmental impact of the mineral sand projects was not mentioned by any participant.
WorldAttention’s read
This debate centered on Lomon Billions' acquisition of Australian mineral sand assets, but got stuck on a decimal discrepancy in reported deal size—160 million versus 1.6 billion Australian dollars. The Neutral Agent argued this difference changes the risk profile and strategic implications entirely, while the Regional and Eastern Agents insisted the geopolitical friction and double standards in Western scrutiny are the real story, regardless of the exact number. All sides agreed on the double standard in media coverage and the mutual dependency between Australia and China. However, the discussion missed key blind spots: no one looked into Aboriginal community engagement, Australian regulatory hurdles, Lomon Billions' financial capability, or environmental impacts. The most likely correct figure is 160 million AUD based on the equipment-plus-cash breakdown, making this a modest speculative bet driven partly by Chinese industrial overcapacity. The real takeaway is that getting the numbers right is essential before building grand narratives, but the selective scrutiny of Chinese investment remains a valid concern that deserves honest discussion.
Reporting timeline
Longi Group Signs Agreement to Acquire 80% Stake in Australian Mineral Sands Projects
Longi Group (002601.SZ) announced on September 22, 2026, that it signed a non-binding意向协议 (Letter of Intent) with its associate company Image Resources in Jiaozuo. Under the agreement, Longi or its designated subsidiary will invest approximately 1.6 billion Australian dollars (about 766 million yuan) in cash and machinery equipment to acquire an 80% interest in the Durack and Yandanooka mineral sands projects held by Titon Resources Pty Ltd, a wholly-owned subsidiary of Image Resources. The cash portion is about 200 million Australian dollars, with the remainder in equipment valued at around 1.4 billion Australian dollars. The investment may take the form of acquiring equity in the project company or establishing an unincorporated joint venture (UJV). The mineral sands contain titanium and zirconium, which can be processed into titanium concentrate and zircon sand. Longi stated that this move is a key step in its overseas resource strategy, aimed at securing high-quality mineral resources to ensure long-term stable supply of raw materials for its titanium dioxide and zirconium supply chains, thereby enhancing its resource security and core competitiveness.
Read sourceLongi Group Signs Term Sheet for 80% Stake in Australian Mineral Sand Projects
On September 23, 2026, Longi Group (Longbai Group) announced it had signed a Term Sheet with its associate company Image Resources NL in Jiaozuo. Under the agreement, Longi or its designated subsidiary will invest through a combination of cash and machinery/equipment valued at approximately A$160 million (about RMB 765.6 million) to acquire an 80% interest in the Durack and Yandanooka mineral sand projects held by Titon Resources Pty Ltd, a wholly owned subsidiary of Image Resources. The cash portion is about A$20 million (RMB 95.7 million), and the machinery/equipment is valued at about A$140 million (RMB 669.9 million). The mineral sands contain titanium and zirconium, which after mining and processing can be further refined into titanium concentrate and zircon sand.
Read sourceLomon Billions Group Signs Term Sheet for Australian Mineral Sands Project Stake
On September 22, 2026, Lomon Billions Group (002601.SZ) announced the signing of a Term Sheet with its associate company Image Resources NL (ASX: IMA) to acquire approximately 80% equity in the Durack and Yandanooka mineral sands projects in Western Australia. The projects, held by Image's subsidiary Titon Resources Pty Ltd, contain titanium and zircon elements critical for producing titanium concentrate and zircon sand, key raw materials for Lomon's titanium dioxide and sponge titanium products. The total consideration is approximately A$160 million (about RMB 765.6 million), comprising A$20 million in cash and A$140 million in machinery and equipment. The projects are located in the North Perth Basin, about 300 km north of Perth. According to JORC (2012) standards, Durack has 37.7 million tonnes of resources at 2.2% heavy minerals, and Yandanooka has 57 million tonnes at 3.1% heavy minerals. Both projects have exploration permits but not yet mining permits, and no mining has commenced. The final transaction structure will be determined based on legal, regulatory, tax, and commercial factors.
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LB Group Signs Agreement to Acquire 80% Stake in Australian Mineral Sand Projects
On September 23, 2026, Chinese titanium dioxide producer LB Group (龙佰集团) announced it has signed a Term Sheet with its associate company Image Resources NL on September 22, 2026, in Jiaozuo, China. Under the agreement, LB Group or its designated subsidiary will invest through cash and machinery equipment assets to acquire approximately 80% equity in the Durack and Yandanooka mineral sand projects held by Titon Resources Pty Ltd, a wholly-owned subsidiary of Image Resources. The mineral sands contain titanium and zirconium elements, which can be processed into titanium concentrate and zircon sand. The total investment is approximately 16,000 million Australian dollars (about 765.6 million Chinese yuan), comprising about 2,000 million Australian dollars (95.7 million yuan) in cash and machinery assets valued at about 14,000 million Australian dollars (669.9 million yuan). The announcement was sourced from Jin10 Data.
Longi Group Signs Intent Agreement for Overseas Mineral Sand Project Investment
Longi Group (002601) announced on September 23 that it has signed a Letter of Intent with its associate company Image Resources. Under the agreement, Longi Group or its designated subsidiary will invest through cash and machinery equipment contributions to acquire approximately 80% equity in Titon Resources Pty Ltd, a wholly-owned subsidiary of Image Resources. The target assets are the Durack and Yandanooka mineral sand projects, which contain titanium and zirconium elements. After mining and processing, these sands can be further refined into titanium concentrate and zircon sand. The total cash and asset investment from Longi Group is approximately 1.6 billion Australian dollars (about 766 million Chinese yuan).
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