ASX-listed Mineral Commodities (MRC) has announced a decision to divest its interest in the Tormin mineral sands mine in South Africa to allow the company to focus its efforts on graphite assets and downstream active anode material projects.
The company entered into a proceed deed with industrial garnet company GMA Group that provides for negotiation of a potential sale and purchase agreement.
“MRC has had a long-standing and very positive partnership with GMA and looks forward to good faith negotiations in parallel with GMA due diligence,” said CEO Scott Lowe.
He said MRC’s priority going forward was its graphite assets, including the Munglinup development project in Australia, the Skaland operating graphite mine in Norway and its active anode project.