Australia's Mineral Commodities at near four-month high on offtake deal

Garnet International

15/09/2022 03:44

** Shares of Mineral Commodities Ltd  MRC.AX  climb as much
as 13.6% to A$0.1, set for their best day since May 18
    ** The miner says it has signed a non-binding offtake and
funding deal with industrial garnet firm GMA Group's unit,
Garnet International Resources  urn:newsml:reuters.com:*:nFWN30L229
    ** Stock hits highest level since June 10
    ** MRC says as part deal, it will supply Garnet
International with finished garnet product in increasing volume
from 80 kilotonnes per annum (ktpa) in 2024-2025 year
    ** Says GMA will provide $10 mln to co in loan funding,
payable over five years from Jan. 1, 2024
    ** Says offtake deal would form foundation of expanding co's
revenue base & profitability at its Tormin Mineral Sands
Operation in South Africa
    ** MRC stock down 20% YTD, as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))