MRC takes full ownership of Skaland
PERTH (miningweekly.com) – Mineral sands and graphite producer Mineral Commodities (MRC) will take full ownership of the Skaland graphite project, in Norway, after settling a dispute with project partner BSG Mining.
MRC will now acquire BSG’s near 10% interest in the graphite project for $1.9-million.
The disputes previously highlighted by the company were in relation to a shareholder deed between the parties entered into in 2020. Both MRC and BSG have agreed to a confidential settlement of all disputes on a no-admission as to liability basis, with MRC agreeing to pay BSG $1.26-million by July 7 and $633 333 by November 17.
On the date the first tranche is paid to BSG, the parties will mutually release each other from all claims and withdraw all dispute notices and default notices, and any other claims regarding the shareholders deed or the proceedings.
The shareholder deed will be terminated and BSG’s representatives will resign as a director of Skaland.
“We are pleased that we came to a settlement with BSG on all outstanding matters, allowing MRC to achieve 100% control of Skaland, a potentially value-accretive investment. Skaland is a critical asset in our battery minerals division strategy and a critical operating asset in Europe,” said interim CEO Adam Bick.
“MRC will continue its focus in 2023 towards the successful completion of the graphite ore-to-battery anode piloting for anode materials production from Skaland and Munglinup, which is the final precursor to commercial scale graphitic anode production aimed for 2024.”
Skaland is the only graphite mine in Scandinavia, the biggest crystalline graphite producer in Europe and the fourth largest producer globally outside of China and accounts for around 2% of global annual natural flake graphite production.
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