Of the total investment, $67m will be used for machinery, equipment and personal property to develop a mining and concentration operation at the project in Dinwiddie County.
In addition, Virginia Governor Bob McDonnell has allotted performance-based funds of $300,000 from the Virginia Investment Partnership program along with Tobacco Region Opportunity Funds of $525,000 from Virginia Tobacco Indemnification and Community Revitalization Commission.
The project, which houses titanium and zircon minerals, is subject to to environmental, regulatory, and the company’s board approval.
McDonnell said that Iluka Resources has been a valued employer and partner to the state for last 16 years.
"This tremendous investment in Dinwiddie County to add a mineral sands mine and new equipment ensures the future viability of the operation, and is a great testament to the infrastructure and abundant natural resources the region offers."
"We also welcome 86 new jobs that will pay above the area’s average prevailing wage and provide valuable employment opportunities," McDonnell added.
