MRC 2.50% 20.5¢ mineral commodities ltd

MRC, page-3

  1. 7,397 Posts.





    All I can find quickly ,as I do not follow this company, suggest you try a search on the Internet or the link below

    And if you got yourself a nickname it would help with communication



    http://www.reflections.com.au/


    good luck ;)
    +++++++++++++++++++++++++++++++++++++++++
    Media Release: Appointment of CEO

    MINERAL COMMODITIES LTD 2002-08-19 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    MINERAL COMMODITIES APPOINTS SENIOR EXECUTIVE TO SPEARHEAD SA
    DEVELOPMENT

    FORMER RGC, WESTERN TITANIUM EXECUTIVE ALAN LUSCOMBE APPOINTED AS CEO

    International mineral sands group Mineral Commodities Ltd (ASX:MRC)
    has appointed a senior executive with extensive experience in the
    global mineral sands business as Chief Executive Officer to spearhead
    the development of its world-class Xolobeni Project on South Africa's
    east coast.

    The Perth-based Company today (Monday) announced the appointment of
    Mr Alan Luscombe, whose experience encompasses senior managerial
    roles with sonic of Australia's major mineral sands operations, as
    CEO.

    Up until 1997 Mr Luscombe had a lengthy career with RGC Mineral
    Sands, where he held the positions of Manager Project Development,
    WA, Mining Manager, WA, Manager Operational Services WA and Resident
    Manager, WA.

    Mr Luscombe was closely involved in the management and development of
    RGC's minerals sands projects in Australia and Overseas.

    Before joining RGC, he spent three years managing Western Titanium
    Limited's mineral sands operations at Geraldton in WA and, between
    1968 and 1979, enjoyed a long career with Associated Minerals
    Consolidated Limited, holding senior operational and management
    positions as mineral sands projects in Queensland and NSW.

    Mineral Commodities' Director, Mr Mark Caruso, said Mr Luscombe was
    an outstanding appointment with excellent skills in leadership,
    personnel development and project development in Australia and
    overseas.

    "Alan has an exceptional level of knowledge and experience in the
    mineral sands business, both in Australia and internationally, and he
    is ideally suited to lead our team forward in developing a
    world-class asset at Xolobeni in South Africa," Mr Caruso said.

    Since leaving RGC, Mr Luscombe was General Manager for CSR Readymix
    in Western Australia.

    The Xolobeni Project, located 200 kilometres south of the regional
    port of Durban, has the potential to be a top-10 titanium feedstock
    producer based on a geographically strategic resource of heavy
    minerals which is slated conceptually for development as a 5 million
    tonne per annum start-up mining operation.

    At this rate, it would produce, some 250,000 tonnes per annum of
    ilmenite concentrate to supply a new smelting operation, yielding
    146,000 tonnes per annum of 86% TiO2 slag and 76,000 tonnes per annum
    (tpa) of pig iron, and a minimum of 10,000 tpa each of rutile and
    zircon concentrate. This would generate an operating revenue of $150
    million per annum over a project life exceeding 20 years.

    The project's development prospects recently received a major boost
    following a key strategic investment by the South African Export
    Development Fund (SAEDF) it) the project which is expected to lead to
    a broader funding mandate.

    Mineral Commodities is currently undertaking a pre-qualification
    study on the project after finalising a recent agreement which gives
    the SAEDF the option to acquire equity both directly in the project
    and a stake in Mineral Commodities, plus a 6-month mandate to present
    a funding proposal.

    As well, the Company has signed a Memorandum of Understanding with
    the East London Development Zone Corporation (ELDZC) to jointly
    undertake a pre-qualification study into the establishment of an
    ilmenite smelter at East London, on the South Africa's east coast
    south of Xolobeni.

    An agreement was signed earlier this month with engineering giant SMS
    DEMAG AG to conduct the component of the study relating to the
    smelter construction. This would be carried out at no cost to Mineral
    Commodities, in return for a first right of refusal to undertake the
    full feasibility study of the smelter facility.

    The ELIDZ is one of several 'Industrial Development Zones' or IDZ's
    being gazetted by the South African Government to promote industrial
    development in parts of the country requiring new investment and
    economic upliftment, such as the depressed Eastern Cape region.

    Mineral Commodities, through MRC Resources, currently owns 49% of the
    Xolobeni Project and has expended $604,000 of its $1 million
    expenditure commitment to earn an additional 26%.

    +++++++++++++++++++++++++++++++++++++++


    Company Announcement


    Second Quarter Activities & Cashflow Report

    MINERAL COMMODITIES LTD 2002-07-31 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    HIGHLIGHTS

    * Final approvals received for the investment by the SAEDF in MRC
    Resources (Pty) Ltd for funding for the Xolobeni Mineral Sands
    Project.

    * Signing of an MoU with the East London Development Zone Corporation
    (ELDZC) for the establishment of an Ilmenite smelter at East London.

    * Commissioning of a pre-qualification study for the Xolobeni
    Project.

    * Agreement in principle reached with SMS Demag for the
    pre-qualification smelter study including options for ongoing funding
    by Demag for the Full Feasibility Study.

    * The Yandallah option was exercised.

    MORE TO FOLLOW











 
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