Welcome Shareholders. My name is
I would like to take this opportunity to recognise the considerable contribution of
Jacob has enthusiastically accepted the challenge of re-badging MRC as a sustainable, responsible, vertically integrated producer of critical and industrial minerals and returning MRC to profitability. COVID-19 has continued to impact our businesses, primarily through the disruption to global logistics chains, impacting our ability to get our products to market and reducing our margins due to the resultant higher costs of shipping.
As you know, during 2021, Tormin received a notice from the
We are pleased to announce that this notice has been lifted, and, thanks to the leadership of Ms
At Skaland, we have completed the new decline, which is expected to consistently deliver higher quality ore and support ongoing processing operations over the coming years. The operations have been stabilised from the effects of the fire in the process plant and the failure of the autonomous grinding mill. Management is focussed on returning Skaland to profitability as a solid base for future expansion. The Company has reigned in its capital expenditure to enable the conservation of cash until the Inland Strand operations can be recommenced and the Skaland operations returned to profitability. This is expected to occur in the second half of this year. During the last year, we welcomed the return of Mr
The Company is currently undertaking a search for a suitable replacement Chairman for
As it became evident that our move to the Inland Strands at Tormin was not sustainable with the extant plant configuration and tailings disposal method, we were forced to return to mining the Tormin beaches, ahead of a satisfactory period of replenishment.
This has led to lower feed grades to the concentrator. We are well advanced in re-configuring the plant to be able to treat the finer Inland Strand ore and to deposit the tailings in the mined out areas in an environmentally approved manner.
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The planned development of the
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 forwardlooking 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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