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Highlights:
- A subsidiary company of Mineral Commodities, MRC Graphite Pty Ltd, has inked a participation and heritage engagement agreement with ETNTAC for the Munglinup Graphite project.
- The project is a crucial asset in terms of business goals of the firm for supplying natural graphite into the high demand battery anode markets.
- As per the company, this agreement is one of the significant precursors for securing environmental authorisation and a mining right for the project.
Global mining and development company Mineral Commodities Limited (ASX: MRC) has updated on a participation and heritage engagement agreement between its subsidiary MRC Graphite Pty Ltd and the Esperance Tjaltjraak Native Title Aboriginal Corporation (ETNTAC). The agreement is for the Munglinup graphite project, which sits within Western Australia (WA).
According to the company, the signing of this pact is one of the key precursors in securing environmental authorisation as well as a mining right for the project.
The agreement covers warranties, undertakings for contracts of this nature, standard commercial terms, along with details of the royalty of 0.5% of the gross proceeds derived from the sale or other disposal of graphite concentrate extracted from the Project each year that will be payable to ENTAC, starting on the date when production begins.
Lauding the latest development, MRC’s Interim CEO Adam Bick stated that the company intends to achieve the successful completion of the graphite ore-to-battery anode piloting for anode materials production from Munglinup and Skaland during the current year. The target is to start commercial-scale graphitic anode production in 2024, Bick added.
Stock price information
MRC shares have gained more than 18% on the Australian Securities Exchange (ASX) in the past one month. The stock traded at AU$0.059 on 14 June 2023, with a market cap of AU$40.79 million.
More to come…