The Mineral Commodities Ltd ("MRC") and Blue Bantry Investments 255 (Pty) Ltd (“Blue Bantry”), together hold 50% each in Mineral Sands Resources Proprietary Ltd (“MSR”) which in turn owns the Tomin Minerals Sands Operation.
During July 2024 the Tormin Mine was directly affected by a maritime incident and the Board of MRC resolved to cease funding the Tormin. This resulted, in the Board of MSR resolving to appoint business rescue practitioners on 5 August 2024. MSR was formally placed into business rescue on 6 August 2024.
All decisions regarding the operation of Tormin, dealing with its creditors and the future of the business, including ownership, are being made by the provisional liquidator. The provisional liquidators are applying to the Court for an extension of their powers with a view to dispose of Tormin to a third party. A number of interested buyers who have contacted the provisional liquidators.
MSR has been placed into provisional liquidation.

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