MRC 7.14% 30.0¢ mineral commodities ltd

mrc upbeat about titanium project

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    Industrial Correspondent

    AUSTRALIAN company Mineral Commodities has put potential revenue that could be generated from a proposed titanium mining project in Eastern Cape at about $77m a year.

    The company expects a prefeasibility study now under way at the resource to be completed by mid-year and appears confident that the project will get the green light.

    "First production from the operation is anticipated late in 2006," the company stated in its latest progress report.

    The titanium resource is 200km south of Durban on the Wild Coast and has enough resources to justify a 17-year mining period at a rate of 12-million tons a year. The value of the resource was in excess of $1bn, the company said.

    On the basis of current information, the company said the "evaluation was encouraging" and believed the prefeasibility study would demonstrate the commercial viability of the project.

    The prefeasibility study will be followed by a feasibility study, scheduled for completion by the middle of next year.

    Fulfilling socioeconomic obligations under the mining charter was one of the chief challenges facing the project, the company said. It was also vital that government and the firm ensured "competitive infrastructure" was established between the mine and port facilities.

    Both Durban and East London harbours could be used.

    Minerals technology parastatal Mintek, meanwhile, has been commissioned by the Eastern Cape Development Corporation to assess viability of the province's titanium beneficiation projects.

    Titanium minerals such as ilmenite could be used in the automotive component manufacturing, a sector already well established in the province. Zircon could be used in the production of industrial chemicals.

    Mineral Commodities is a resources company based in Perth, and listed on the Australian Stock Exchange. The company is involved in Australia, and other parts of the world, in assessing mining projects which have the potential to generate positive cash flows and be developed in the near future.

    The company is involved in two mineral projects in SA and one in Namibia.


    Apr 17 2003 07:20:20:000AM Carli Lourens Business Day 1st Edition

    Monday
    21 April 2003

    http://www.bday.co.za/bday/content/direct/1,3523,1328933-6094-0,00.html

 
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