FINANCIAL RESULTS FOR THE YEAR ENDED 31 DECEMBER 2015 MDL's primary asset is a 50% interest in the TiZir joint venture ('TiZir'), which owns the Grande C?te mineral sands operation ('GCO') in Senegal, West Africa and the TiZir Titanium & Iron ilmenite upgrading facility ('TTI') in Tyssedal, Norway. ERAMET of France is MDL's 50% joint venture partner in TiZir. (Denominated in United States Dollars unless otherwise stated) HIGHLIGHTS ? Underlying net loss of $27.2 million ? MDL's share of TiZir's underlying loss totalled $33.5 million ? GCO recorded an EBITDA loss of $7.4 million - final five months of the year were EBITDA positive ? TTI recorded an EBITDA of $3.9 million - a strong result given a three month shutdown for the furnace reline and capacity expansion project ? As a consequence of the prevailing market environment and declining commodity prices, MDL has recognised an impairment loss related to its investment in TiZir of $26.7 million during the year - MDL's share amounted to $12.0 million To read today's full announcement click here. To download the full 2015 Financial Report click here. |