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08/12/23
13:26
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Originally posted by spid81:
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Hi Croc, it is good you are starting to research MRC, no doubt you want to jump ship from WKT, MSR is the company that holds the Tormin project, the ownership is 68% the minority shareholders are free carried (the local black empowerment/indigenous people) MRC controls 100% of the project and the minority shareholders are paid dividends when the company declares a profit.in simple terms, its like the Tanzania government Free Carried Interest in your project, which can be upto 50% ownership. The loan from GMA Garnet is yet to be fully drawn down. Around $3.6mil out of the $10-11mil has. I am sure cashflow will be used to service the debt.
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Well, good luck with that, January 1st is fast approaching when repayment for the commitment to the loan kicks in... Did they offer security over the plant? Regards Croc