Mineral Deposits Ltd (ASX:MDL) and ERAMET have announced a joint venture to combine ERAMET Titanium & Iron in Norway and the Grande Cote Mineral Sands project in Senegal. The combination creates a new major player in the mineral sands industry.
ERAMET and MDL have entered into exclusivity arrangements to finalise formal documentation whereby both would hold 50 per cent of the shares in the newly created entity.
Mineral Deposits also announced the stepping down of their current CEO Jeff Williams, who will be replaced by Rick Sharp on July 1.
For the half year ended December 31, 2010, Mineral Deposits posted a net profit of $260 million.
