Ann: Water Storage Dam - Tormin Mineral Sands, page-16

Hi Gammat, Even with the write-down MRC operated at a loss, the loss was only US$2mil.

When you consider the revenues for 2023 were only down by 10% from 2022, was caused by tie-ins and upgrades required to process the inland strand mineralisation, and they had water supply issues. The processing facility operated at only 47% of its 2022 capacity.

In simple terms, even with the nearly 50% loss of operation, seeing only a 10% reduction in sales revenues is significant and shows the value of processing the inland strands. If you consider the US$6.2mil of deferred ilmenite sales that occurred in Jan, MRC would have made a US$4mil profit for 2023 (excluding the write-down US$9mil write-down of a project)

Anyway, I know you won't be able to understand this as you only seem focused on the drama of the mining fleet or the cost of dam repairs which only took several days to resolve.