106 - The International Resource Journal

FEBRUARY 2013 The International Resource Journal119the asset in 1999 and from 2003 until 2009 thecompany held it in a joint venture with Exxaro.This South African mineral sands company waslooking to develop the Ranobe mine as feed for itssmelter in South Africa, but it could not make theeconomics work. Add to that the global financialcrisis and political crisis in Madagascar aroundthat time, the smelter feed plan fell through. Exxarodropped out of the joint venture in 2009, leavingWTR back in 100% control.“When WTR regained control of ToliaraSands, it axed the constraints Exxaro put onit and began looking at how it could developRanobe as a standalone mineral sands businessto supply products to the global markets, ratherthan just to a smelter in South Africa,” explainsGriffin. “WTR did the scoping study and that confirmedthe project was attractive, that’s when itrecruited an experienced management team, andcommenced the DES to come up with a plan toput it into production.”Griffin himself has valuable previous experienceworking in Mineral Sands in Africa when hewas Vice President Titanium for BHP Billiton anda director of Richards Bay Minerals, the world’slargest mineral sands operation. The rest of themanagement team has African mineral sandsproject and/or Madagascar experience.