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Location: 360 km N from Cape Town, South Africa
Tormin Mine Schaapvlei RoadLutzvilleSouth Africa8165
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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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The western coastal plain of South Africa contains a significant resource of detrital heavy minerals by world standards.Tormin BeachesDeposit is a heavy mineral sand deposit located on an active placer beach strandline undergoing continues erosion, deposition and replenishment from oceanic storm and wave activity.Mineralisation is enriched sedimentary layers semiparallel to the bedrock contact and beach slope angle.DimensionsThe deposit has a strike length along the coastline of approximately 10,000m with individual beaches generally separated by rocky headlands/rocky beaches which cannot be mined. The deposits have an average width from the cliffs to within the surf zone of 60m. The mining width varies from 20-60m and averages about 35m. The deposit is developed from surface to a maximum depth of 4m. The deposit occurs from the surface down.Northern BeachesDeposit is a heavy mineral sand deposit located on an active placer beach strandline undergoing continues erosion, deposition and replenishment from oceanic storm and wave activity.Most of the deposit is constrained shoreward by the low water mark with a 10m standoff and landward by a 10m standoff from cliffs and dunes. The exception to this is 680k of resource from Beach 10 which is located under dunes.Mineralisation is enriched sedimentary layers semiparallel to the bedrock contact and beach slope angle.DimensionsThe deposit has a strike length along the coastline of approximately 10,850m with individual beaches generally separated by rocky headlands/rocky beaches which cannot be mined.The deposit has an average width from the dunes to within the surf zone of 150m. It is developed from surface to a maximum depth of 4m and the average resource thickness is approximately 2.5m. The deposit occurs from the surface down.Western and Eastern StrandlineThe heavy mineral sand deposits occur in a current active beach environment (e.g., Tormin Beaches and Northern Beaches) as well as in older palaeo-beach raised strandlines found inland (inland strandlines) e.g., Tronox Namakwa Sands. Apart from the mid-Jurassic, Cretaceous and Tertiary (Paleogene) sediments along the coast, numerous small fossiliferous, marine and terrestrial deposits of Neogene age outcrop along the coastal zone.The onshore mineral sands are marine palaeoterraces “Inland Strands”, aeolian sands and fluvial sediments. These targets were formed during Miocene, Pliocene and Quaternary/Pleistocene coastal transgression (sea move inland) and regression cycles.The orebody hosts mineralisation in all geological units/layers except for the schist basement.The deposit is a classic inland strandline mineral sands deposit with no doubt as to its genesis. The grain size characteristics are interpreted to support an offshore depositional setting, closer to the shoreline position.Dimensions Eastern StrandlineThe total deposit, inside MSR controlled Prospecting Rights, has a strike length along the coastline of approximately 7,400m and an average width of 60m, ranging from over 100m wide in the south to 30m wide in the north. The resource area includes northern part in 4.4km length and southern part in 3km length. It is developed from surface to a maximum depth of 72m and the average resource thickness is approximately 40m. The deposit occurs from the surface down.Dimensions Western StrandlineThe total deposit, inside MSR controlled Prospecting Rights, has a strike length of approximately 12,125m and an average width (including low grade halo) of 380m. High grade strandline core of the deposit averages approximately 200m width, along the entire strike length. It is developed from surface to a maximum depth of 49m and the average resource thickness is approximately 21m (including low grade halo). The deposit occurs from the surface down.
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