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Mineral Commodities Ltd (ASX: MRC), is engaged in the development of the mineral sands projects and investigations into other mineral resources. The company has announced that its 100% owned subsidiary company, MRC Graphite Pty Ltd (MRCG) has executed the professional services agreement with Mondium Pty Ltd for undertaking the Early Contractor Involvement (âECIâ) as well as Front-End Engineering and Design (âFEEDâ) for the Munglinup Graphite Project.
MRC Graphite Pty Ltd has reached its final stages of completing the Definitive Feasibility Study (âDFSâ) for the Munglinup Graphite Project situated in Western Australia. Post that MRCG will provide a final decision to start the construction.
Besides, the environmental permitting process is in progress. Considering the current schedule, and the regulatory processes along with the seasonal variation in the south coast, there is an opportunity where highly regarded engineering and construction firm can be involved that will provide support in delivering additional value to Munglinup Graphite Project via purposeful ECI and FEED program.
Mondium Pty Ltd is a joint venture between Monadelphous Group Limited and Lycopodium Ltd that utilizes the skills of both the companies to support its client while providing them with technical as well as delivery solutions. Mondium delivers complementary strengths, resources as well as experience of Monadelphous in terms of construction while utilizing the innovative skills of Lycopodium. The combination is considered to be suitable for purpose multidisciplinary expertise in engineering as well as delivery of minerals project.
On 1 March 2018, the company declared its full-year financial results for the period ended 31 December 2018. During the period, there was a fall in the revenue by 12% to US$55.399 million as compared to the previous corresponding period. The company made a net profit after tax of US$8.823 million, down by 11% to its previous corresponding period. The company declared a total dividend of A$2,947,641, at A$0.7 cents per share.
The fall in the revenue and profit was driven by the increased mining cash cost per tonnes at Tormin during the year due to higher diesel prices plus the maintenance on an ageing fleet. As a result of additional mining activity, processing plant utilization along with the PBC throughput for compensating the decreased mine grades and increase diesel prices resulted in the increased production cost per net tonne of zircon/rutile, ilmenite and garnet concentrate for the year. In spite of all the above, the company still made a profit and was able to provide a dividend of 0.7 cents per share to its shareholders.
The company reported a net asset base of $42.1 million on its balance sheet. By the end of the period, the company had net cash and cash equivalent of $12.41 million.
In the previous six months, the stock has generated a negative return of 20%. Today, on 28 March 2019, the stock closed unchanged at A$0.160 (As on 28 March 2019). The company has a market capitalization of A$67.37 million with approximately 421.09 million outstanding shares and PE ratio of 5.370x.
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