Beach Mining Company Enters into Business Rescue

Australian company, Mineral Sands Resources (MSR) which owns the Tormin mine near Lutzville on the Cape West Coast, has entered into business rescue. In recent months the mine has been beset by production problems and the last straw was the grounding of the MV Ultra Galaxy bulk carrier off one of the beaches where it holds mining rights. It’s Australian parent company, Mineral Commodities Ltd (MRC), is also struggling financially and from the end of July stopped trading on the Australian Stock Exchange.