Mineral Commodities Sets USD 11.5M Price in New Skaland Deal

Background on the Skaland Sale

Mineral Commodities Ltd (ASX, MRC) has been working to divest its wholly owned subsidiary, Skaland Graphite AS, a key asset in its portfolio. The sale process has been closely watched by investors, given the strategic importance of the Skaland Graphite Project within the company’s broader ambitions in graphitic anode materials.

Earlier this year, Mineral Commodities entered into a binding share purchase agreement with Norge Mineraler Holding AS, with all conditions precedent met by March 2025. Completion and payment were due by 21 March 2025, but the timeline was extended to 31 October 2025 to accommodate final arrangements.

Termination of the Norge Mineraler Agreement

Despite the extensions, Norge Mineraler failed to make the required payment by the deadline. As a result, Mineral Commodities and its subsidiary MRC Graphite Norway Pty Ltd terminated the agreement. The company has made clear it reserves all rights, including pursuing legal action against Norge Mineraler, signaling a firm stance on protecting shareholder value.

This development marks a significant setback but also underscores the complexities and risks inherent in large-scale asset sales, especially in the mining sector where timing and financing are critical.

New Deal with LNS Holding AS

In a swift response, Mineral Commodities has entered into a new term sheet with LNS Holding AS, a prominent Norwegian group with extensive experience in civil engineering, mining, and challenging Arctic projects. The proposed sale price is USD 11.5 million, with LNS Holding providing a non-refundable deposit of USD 1 million to secure exclusivity until mid-December 2025.

The agreement includes several conditions, such as satisfactory due diligence, board approvals, regulatory consents, and no material adverse changes to Skaland’s business. The company also commits to maintaining normal business operations and preserving customer and supplier relationships during this period.

Looking Ahead

The definitive sale agreement is expected to be executed in December 2025, with Mineral Commodities planning to seek shareholder approval shortly thereafter. Settlement is anticipated in early February 2026, marking a new chapter for the Skaland asset and the company’s strategic direction.

While the termination of the Norge Mineraler deal introduces uncertainty, the swift pivot to a credible buyer with a strong operational background in Norway could provide stability and renewed confidence for investors.