To date Mineral Commodities Ltd has developed and operated the project via its 50% shareholding in Mineral Sands Resources Proprietary Limited through its subsidiary MRC Resources (Pty) Ltd (MRCR), with the remaining 50% of Mineral Sands Resources owned by the Company’s existing empowerment partner, Blue Bantry Investments 255 (Pty) Ltd. Following completion of the restructure of Mineral Sands Resources, MSR’s ownership structure will change to being 69% owned by MRCR, 21% owned by Blue Bantry, 5% owned by employees and 5% owned by the community. Obtainment of regulatory approval of this transaction is ongoing.
On 10 May 2024, Mineral Commodities Ltd made the decision to divest its interest in Tormin and announced that it has entered into a Process Deed (“the Agreement”) with GMA Group that provides for negotiation of a potential sale and purchase agreement, that if successful, would result in GMA taking ownership of MRC’s interest in the Tormin Mineral Sands Operation.
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