Mineral Commodities Ltd has agreed to sell its Skaland Graphite Project in Norway to Norge Mineraler for USD $11.75 million, aiming to refocus on its strategic Munglinup Project.

Target Information

Mineral Commodities Ltd (referred to as "MRC") has entered into a binding, conditional agreement to sell its entire interest in the Skaland Graphite Project located in Norway. This transaction is being executed through its wholly owned subsidiary, MRC Graphite Norway Pty Ltd, and is expected to yield a total consideration of USD $11.75 million. The buyer, Norge Mineraler Holding AS, is a mineral exploration company based in Norway and is wholly owned by the UK-based Norge Mining Ltd. The Skaland Graphite Project is notable as it is both owned and operated by Skaland Graphite AS, which is also included in the sale.

The agreement marks a significant advancement in MRC's strategic direction, which has emphasized exclusive discussions around divesting Skaland in recent months. The funds generated from this sale will primarily be utilized to settle MRC's financial liabilities and refocus activities towards its more promising Munglinup Graphite Project and related operations in Australia.

Industry Overview in Norway

Norway’s mineral exploration and mining sector is characterized by its stable regulatory framework and rich geological resources. The country is known for its production of various minerals, including graphite, which is increasingly sought after for its applications in batter