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The beach at MRC's Tormin project, the location of a garnet deposit.

MRC in legal dispute

Mineral sands developer Mineral Commodities has become the subject of action in the High Court of South Africa, after a dispute over a garnet deposit at its Tormin operations.

An application to the court has been made by Blastrite, a family-owned manufacturer of granular abrasives, to prevent MRC subsidiary Mineral Sands Resources dealing with any other entity in relation to a potential beach garnet deposit.

The order would also prevent MRS renewing an existing offtake agreement.

MRC will appear to oppose the application on Thursday, and the company said the application was an abuse of court process.

Blastrite is South Africa’s largest producer of materials for surface preparation, with four processing facilities in the country, and previously acted as project manager of the Tormin mineral sands operation.

That agreement was discontinued in the September quarter.

MRC produced 182,539 tonnes of garnet in the nine months to the end of September.

Tormin is MRC’s major asset, and the company operates an offtake agreement with garnet miner GMA Garnet.

Mineral Commodities was steady at 11 cents, on low volume, after starting the year on 18 cents per share.

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Share Price

Closing price for the last 90 trading days
Source: Morningstar

Total Shareholder Return as at 31/01/18

1 year TSR5 year TSR
192ndRand Mining62%56%
372ndMineral Commodities14%7%
508thSumatra Copper & Gold-9%-34%
697thPeninsula Energy-40%-23%
729thMZI Resources-46%-32%
709 WA (and selected non WA) listed companies ranked by 1 year TSR relative to other companies with similar revenue
Source: Morningstar

Share Transactions

21/12/17
$79k Bought
07/06/17
$15k Bought
02/06/17
$1k Bought
Total value as at the date of the transaction
Source: Morningstar

Revenue

42nd↑Sumatra Copper & Gold$51.2m
43rd↑MZI Resources$50.8m
44th↓Mineral Commodities$37.5m
45th↑Peninsula Energy$35.9m
46th↓Rand Mining$34.9m
499 listed resources companies ranked by revenue.
Source: Morningstar

Remuneration from Mineral Commodities

72ndMark Caruso$943k
823rdPeter Torre$150k
1108thGuy Walker$80k
Ranked by total remuneration from all listed WA companies

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