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Mineral Commodities values Munglinup project at US$111M, moves to 90% ownership

Mineral Commodities Ltd. decided to increase its stake in the Munglinup graphite project in Western Australia to 90% following a positive definitive feasibility study on a concentrate-only production scenario at the project.

The company's unit MRC Graphite Pty. Ltd. filed an earn-in notice to Gold Terrace Pty. Ltd. to increase its interest from the current 51% by paying A$800,000 and issuing 30 million shares of Mineral Commodities under the September 2017 deal.

The definitive feasibility study outlined a posttax net present value, discounted at 7%, of US$111 million, a 30% internal rate of return and a 2.7-year payback period.

Development capex was estimated at US$61 million, while life-of-mine operating costs were estimated at US$491 per tonne.

The project is expected to producer an average of 52,000 tonnes per annum of graphite concentrate during its 14-year life of mine.

Munglinup is estimated to generate life of mine revenue of US$853 million, EBITDA of US$426 million and posttax net cash flow of US$240 million.

The project hosts proven and probable ore reserves totaling 4.2 million tonnes at 12.8% total graphitic carbon, or TGC, and mineral resources of 8.0 Mt at 12.2% TGC.

Gold Terrace has the option to divest the remaining 10% interest and receive 10 million shares or a 1% gross royalty on all mineral production.