There is no synergy between graphite and mineral sands. That's...

There is no synergy between graphite and mineral sands. That's one of MRC issues. As investors, I can accept this if there is a good reason. For example a polymetallic mine. Or a speciality like tailings treatment. Or a special company culture like buying "care and maintenance" asset and restart operation with a skilled team who think out of the box.

Where is the coherence in MRC ? No stable skilled management, mining mineral sand on a beach and graphite underground are not the same job, graphite and garnet, illmenite or zircon are not the same markets. Even for geography I can't find a synergy between Norway, South Africa and Australia.

If they spin-out HMC business, they will be in the next article