cb465582facfe8c75d49ee.pdf
Mineral Commodities Ltd
ACN 008 478 653
ABN 39 008 478 653
40 Murray Road North Welshpool WA 6106, Australia
PO Box 235, Welshpool DC WA 6986, Australia
Telephone: 61 8 6253 1100
Facsimile: 61 8 9258 3601 Email: [email protected] Web: www.mineralcommodities.com
12 October 2015
Blastrite Court Application Dismissed - MRC awarded costs
Mineral Commodities Ltd ('MRC' or 'the Company') is pleased to advise that following the hearing in the High Court of South Africa (Western Cape Division, Cape Town) In February 2014, and a further hearing of oral evidence in June 2014, Blastite's Court Application has been dismissed.
The dismissal follows Blastrite's withdrawal of its initial application to seek interim relief in December 2014. Blastrite has been ordered to pay MRC's costs occasioned by the employment of 2 legal counsel, all of the costs occasioned by the referral to oral evidence, the costs occasioned by the discovery Applications, including the costs occasioned by MRC parties discovery applications.
As stated when the initial Application was made by Blastrite in December 2014, the Company's view was that the Application is an abuse of the Court process, founded on incorrect facts and was of no merit and as such, the Company, and other respondents strenuously opposed the application.
The Company is very pleased with the outcome.
The Company also advises that following the termination of the Pre-Finance and Offtake Agreement between the Company and Wogen Pacific Ltd as announced on 13 May 2015, the parties have agreed to settle all outstanding matters between themselves and have executed a Deed of Settlement accordingly.
As previously announced, the termination of the Agreement means that the Company is free to sell its non-magnetic Zircon/Rutile concentrate to buyers on an unrestricted basis.
Garnet concentrate production continues to be supplied and sold under the contract with GMA and stockpiled within South Africa. The Garnet concentrate will then be shipped at GMA's discretion.
For enquiries regarding this report please contact: Mark Caruso - Chief Executive Officer +61 8 6253 1100
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