Mineral Commodities is trying to buy Cristal’s Cable Sounds project in Western Australia. If successful, the sale would make the company the second largest minsands producer in Australia.
The company has entered into bidding agreements with the Australian arm of Saudi company Cristal to buy the project for A$96m. ($106m.)
“[The acquisition] will transform the company into the second largest independent, vertically integrated and diversified titanium and zircon mineral sands producer in Australia,” the group said in a statement on Thursday.
In an interesting turn, the company has promised that it will pay Cristal a further A$5m. ($5.51m.) if zircon prices reach $2,700/tonne by the end...