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mineral commodities ltd (MRC) Snapshot

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12/23/13 - A$0.20
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05/23/14 - A$0.10
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mineral commodities ltd (MRC) Details

Mineral Commodities Limited, a mineral resources company, explores and develops mineral sands projects; and investigates other mineral resource projects in South Africa. It is primarily engaged in the development of the Tormin Mineral Sands Project located in the Western Cape Province; and evaluation of the Xolobeni Mineral Sands Project located in the Eastern Cape Province. The company also invests in securities of unrelated entities in Australia. Mineral Commodities Limited is based in Welshpool, Australia.

mineral commodities ltd (MRC) Top Compensated Officers

Executive Chairman and Chief Executive Office...
Total Annual Compensation: A$279.1K
Compensation as of Fiscal Year 2013.

mineral commodities ltd (MRC) Key Developments

Mineral Commodities Limited Reports Earnings and Operating Results for the First Half Ended June 30, 2014

Mineral Commodities Limited reported earnings results for the first half ended June 30, 2014. The company reported revenue of $12.6 million for the six months to 30 June 2014. The company has delivered a first half net profit of $1.5 million. For the six months Tormin produced 20,387 tonnes of non-magnetic zircon/rutile concentrate, 45,227 tonnes of ilmenite concentrate and 103,480 tonnes of garnet concentrate. Despite production in the first three months of the year being impacted by issues during commissioning to the magnetic separation equipment.

Mineral Commodities Limited Announces Executive Changes

Mineral Commodities Limited (MRC) announced that Mr. Andrew Lashbrooke has resigned as Chief Executive Officer (CEO) of MRC. Mr. Lashbrooke reported to Mr. Mark Caruso, the Executive Chairman of MRC, and as such, Mr. Caruso will assume the role of CEO in his executive capacity.

Mineral Commodities Limited Secures USD 4 Million Working Capital Facility

Mineral Commodities Limited has obtained an unsecured Short Term Working Capital Facility of up to USD 4 million from major Shareholders including the Executive Chairman to assist with Tormin project activities. The economics of the Tormin Project remain robust, with strong demand for its concentrate products. Due to timing differences in production and sales in the first Quarter, the Board considered provision of a working capital facility prudent to allow the Management to continue with, and accelerate the additional capital works programs which include, exploration replenishment drilling and study programs, as well as the Tormin processing plant optimisation. The USD 4,000,000 facility will be provided by AU Mining Limited and Regional Management Pty Ltd, a related entity of Mr. Mark Caruso the Executive Chairman of the Company. Both lenders are major shareholders of the Company. Pursuant to a Loan Agreement entered into between MRC and each of Regional Management Pty Ltd. and AU Mining Ltd, the Lenders will provide finance of up to USD 2,000,000 each on the following arm's-length and commercial terms: Loan is unsecured; Interest of 13% per annum; Line fee of 1% and establishment fee of 1%; Repayment to take place in three equal tranches on 31 January 2015, 28 February 2015 and 31 March 2015; Default interest of 10% if not repaid on repayment dates; The Lenders have the right to demand that the Loan is repaid through an entitlement issue if not repaid on the repayments dates. The Lenders have the right to underwrite the entitlement issue at their election. The Board acknowledges and is appreciative of the support of its major shareholders.


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Price/Book 1.6x
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