It also formed a Board committee chaired by non-executive director Jeffrey Williams to implement immediate cost cuts and conduct a review to implement cost reductions throughout the company.
The company added that it continues to work on the proposed joint venture with China's Sichuan Lomon Titanium for funding of the Tier 1 Ranobe mineral sands mine in Madagascar and that notice of a general meeting to consider the revised Memorandum of Understanding is expected to be issued within two weeks.
Under the revised MoU, Lomon will contribute the first US$200 million of the capital required to develop an 800,000 tonne per annum ilmenite mine at Ranobe.
If required, capital in excess of US$200 million and up to US$300 million will be provided by project debt which will be secured by 100% of the project's assets. The project debt will be serviced from Lomon's share of operating cashflows.
Any capital expenditure above US$300 million will be jointly funded by WTR and Lomon.
For providing the funding Lomon will acquire a 50% interest in the Ranobe mining and exploration licences and WTR's other Toliara Sands Project exploration licences.
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