SMC was founded in 1996 to explore and develop mineral sand opportunities in Southern Africa. In early 1998, SMC acquired the exclusive exploration rights for the “Corridor Sands” mineral deposit in Mozambique. Corridor Sands was one of the most promising development prospects in what was a highly profitable sector of the mining industry. The key mineral in the deposit was titanium dioxide (TiO2). In 1999, the TiO2 market was worth US$7 billion per annum and had been growing steadily with the major customers being producers of paints, plastics, and paper.
