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So. Africa: MRC pulls out of Xolobeni in Wild Coast; cites threats to peace and harmony of the local community

Author: Tony Carnie, IOL (South Africa), Published on: 25 July 2016

"Mining firm pulls out of Wild Coast plan", 19 July 2016

Four months after community leader Bazooka Radebe was gunned down in front of his son, an Australian mining company says it is bailing out from its plan to mine one of the world’s biggest undeveloped mineral sand mining ventures, at Xolobeni on the Wild Coast...Mineral Resources Commodities (MRC), a Perth-based company...announced...that it had taken a decision to divest its majority interest in the controversial dune-mining venture because of “ongoing violence and threats to the peace and harmony of the Xolobeni community” and hoped to sell its interests at Xolobeni to a local black economic empowerment group...In an announcement posted on the Australian Stock Exchange website yesterday, MRC said it had invested significant funds, technical and social resources in the Xolobeni proposal over the past 13 years.

[MRC announcement about leaving Xolobeni is here and most recent articles on Xolobeni community and MRC conflict are here].

 

Read the full post here

Related companies: Mineral Commodities (MRC)