WMC Resources Ltd and Alumina Ltd, the business that used to make up WMC Resources, have agreed to acquire the Corridor Sands project located in Mozambique, from South African based Southern Mining Corp.
The acquisition will cost WMC and Alumina Ltd approximately US$87.5 million to take complete control of the operation.
The Corridor sands project is a world class titanium dioxide (TiO2) resource which is capable of sustaining a large, long term profitable business.
Major customers in the pigment industry have indicated their support for the project by signing letters of intent.
The acquisition also forms a key building block for the growth and value of the newly formed WMC Resources Ltd business.
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