MSR's complete processing circuit has been commissioned and optimised to produce heavy mineral concentrate stocks and commercial production of garnet, ilmenite and non-magnetic (zircon and rutile) saleable concentrate products at theoretical production and historical recovery rates. This represents completion ahead of schedule from commencement of Inland Strands ore processing on
The Secondary Concentration Plant (SCP) is also performing well on Inland Strands ore, with plant throughput of 90tph, in line with expectations, and at historical plant recoveries. Commercial production of garnet, ilmenite, zircon and rutile is operating at historical concentrate grades with ongoing optimisation underway. Inland Strands commercial production is an important step in returning Tormin to historical profitability2 (during years 2015 - 2021 Tormin produced an average EBITDA of
Inland Strand production substitutes some annual beach mining. PCP-1 is targeted to process Inland Strand material at 1.2Mpta and PCP-2 is targeted to process beach mined material at 1.5Mtpa (total 2.7Mtpa). The production schedule enables sustainable beach 1 Refer ASX Announcement entitled 'Inland Strands Ore Processing Commences at Tormin' dated
MRC's Interim Chief Executive Officer, Mr
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Cautionary Statement
This announcement contains forward-looking statements. Any forward-looking statements reflect management's current beliefs based on information currently available to management and are based on what management believes to be reasonable assumptions. It should be noted that various factors may cause actual results or expectations to differ materially from the results expressed or implied in the forward-looking statements. These forward-looking statements are not a guarantee of future performance and involve unknown risks and uncertainties, many of which are beyond MRC's control. This may cause actual results and developments to differ materially from those expressed or implied. These risks include but are not limited to, economic conditions, stock market fluctuations, commodity demand and price movements, access to infrastructure, timing of approvals, regulatory risks, operational risks, reliance on key personnel, Ore Reserve and Mineral Resource estimates, native title, foreign currency fluctuations, exploration risks, mining development, construction, and commissioning risk. Forward-looking statements in this announcement apply only at the date of issue and are subject to any continuing obligations under applicable law or regulations, MRC does not undertake to publicly update or revise any of the forward-looking statements in this announcement or to advise of any change in events, conditions, or circumstances on which any such statement is based. Readers are cautioned not to place undue reliance on any forward-looking statements contained in this announcement
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