The company was granted additional mining leases by the West Australian government in July.
It has also recently completed a Heritage Impact Assessment survey with traditional owners, paving the way for authorities to approve the commencement of mining operations.
Peter McNally, managing director IBDH, told the ABC, "We've got a fairly extensive gravel channel there to mine and in a few weeks' time we should have approval to commence commercial mining where those good diamonds are.
"I'm fairly confident that it will be approved, and we hope to be mining in September."
Opened in 1976, Ellendale is located 135km east of Derby in the West Kimberley; following the closure of the iconic Argyle Mine in November 2020, it is one of two remaining viable diamond mines in Australia, alongside the Merlin site in the Northern Territory.
It once supplied approximately 50 per cent of the world's yellow diamonds, with McNally explaining, "They're not as rare as the pinks, the reds or the blues [but] the yellow diamonds are probably still the most popular of the coloured diamonds.
“We will look to learn from the experience that Argyle had and how they taught the world to market diamonds."
The other mining company operating at Ellendale, Perth-based Burgundy Diamond Mines (BDM), has similar plans.
Peter Ravenscroft, managing director BDM, has said the company hopes to follow the Argyle "template": "We will be looking at rebranding them, potentially even changing the name of the Ellendale diamonds and taking them to market ourselves," he told the ABC.
BDM is currently in the process of building a bulk-sampling plant, with “smaller and more mobile” production estimated to begin by the fourth quarter of 2022.
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