Mineral Commodities (MRC) has successfully transitioned from a mineral sands developer to a producer of small scale at its Tormin project, with scope to emerge as a large player through its Xolobeni ilmenite deposit. After a successful ramp-up, Tormin is being expanded, which will drive significant near-term earnings growth. Our base case NPV is A$0.21/share based on a four-year life at Tormin.
