- Mineral Commodities (MRC) has provided an update on its global operations post-coronavirus
- The company is working on securing permits for a secondary mining area at its Tormin mineral sands play in Pretoria, which has been delayed due to coronavirus shutdowns
- MRC had a sales dip in March due to easing demand in China, but that demand has now returned, and sales are back to pre-COVID levels
- The company has US$18.6 million (around A$25.25 million) in account receivables
- Mineral Commodities shares are up 4.55 per cent at market close, trading for 23 cents per share
Mineral Commodities (MRC) has provided an update on its global operations post-coronavirus.
The multinational miner says it has made progress in several countries around the world.
In Pretoria, South Africa, the company has been advancing its Tormin mineral s5443152ands play by applying for permits to mine a secondary section of the project, simply called the Section 102 Expanded Mining Rights area.
The application was sitting with the Pretoria Department of Mines, Resources and Energy during the coronavirus outbreak, and was delayed due to that body closing its doors during the pandemic.
Mining operations returned to South Africa on April 13, following nationwide lockdowns.
The company has continued exploration work on the Tormin project, with work on the Island Strand continuing alongside the completion of drilling on the Section 102 Expanded Mining Rights area.
Further to this, the company has completed additional drilling to the north and the east of the resource areas
The company’s Norwegian operations continued without any significant COVID-19 interruptions.
However, sales dipped when demand for the company’s mineral sands in China dropped in March.
However, since then China has largely bounced back from the shutdowns, and demand has returned to pre-COVID levels.
The company has said it’s looking to “diversify its customer base” to hedge against further shortfalls but largely seems to have returned to normal.
The company will be resuming shipping of Ilmenite concentrates by early July 2020.
Finances wise, the company has US$18.6 million (around A$25.25 million) in account receivables.
The Executive Chairman of Mineral Commodities, Mark Caruso, said: “The company’s business remains sound and on track to deliver the growth profile at Tormin and Skaland, however, unforeseen circumstances have ensued, compounded by the COVIID-19 pandemic, which require management and the board to undertake contingency planning to ensure that the business successfully navigates these challenges.”
Mineral Commodities shares are up 4.55 per cent at market close, trading for 23 cents per share.