- Mineral Commodities (MRC) enters a trading halt while it plans to raise fresh capital
- Earlier this month, MRC’s subsidiary began mining operations at the Trælen Mine in Norway
- A drilling program at the mine is also underway to upgrade the current maiden resource
- It isn’t clear where the funding will go or how much is being raised, but the trading halt will remain in place only until June 29, at the latest
- Company shares last traded at 20.5 cents on June 24
Mineral Commodities (MRC) has entered a trading halt while it plans to raise some fresh capital.
It isn’t clear how much the company will raise or what it will use the money for, but the trading halt will remain in place only until June 29, at the latest.
Earlier this month, Mineral Commodities announced its 90 per cent-owned subsidiary, Skaland Graphite, began mining operations at the Trælen Mine in Norway.
The mine is part of the Skaland Graphite Operation through which MRC aims to produce natural anode material for the fast-growing lithium-ion battery sector in Europe. MRC is also targeting a production growth from 10,000 tonnes per annum in 2020 to 2022 to 16,000 tonnes per annum in 2023.
The Trælen deposit has a maiden JORC 2012 indicated and inferred resource of 1.78 million tonnes at 22 per cent total graphite carbon for 397,000 tonnes of graphite.
In March this year, roughly a year from when the maiden resource was completed, Mineral Commodites commenced a 3000-metre drilling program to upgrade the mineral resource which is expected to wrap up in August.
Company shares last traded at 20.5 cents on June 24.