MC Mining Limited Agreement Signed with Haohua Energy International (9574C)
June 21 2019 - 2:00AM
UK Regulatory
TIDMMCM
RNS Number : 9574C
MC Mining Limited
21 June 2019
ANNOUNCEMENT 21 June 2019
COOPERATION AGREEMENT SIGNED WITH HAOHUA ENERGY INTERNATIONAL
(HONG KONG)
MC Mining Limited ("MC Mining") is pleased to announce the
signing of a co-operation agreement with Haohua Energy
International (Hong Kong) ("HEI"), a wholly owned subsidiary of
Shanghai-listed Beijing Haohua Energy Resource Co. Limited, the
largest exporter of anthracite coal from China.
The original cooperation agreement between the parties was
signed in 2013. However, the introduction of new shareholders
during the last six years resulted in HEI not maintaining the
required 19.9% shareholding in MC Mining and the agreement
subsequently lapsed. The revised 2019 cooperation agreement aligns
HEI's threshold with other substantial shareholders eligible to
have a board seat and the company will need to maintain an interest
of at least 5.4% to have the right to nominate a potential director
to the MC Mining board. Mr Shangren Ding is HEI's current
representative and will remain on the board as their nominee.
MC Mining believes it is important to maintain the relationship
with HEI in order to benefit from their substantial knowledge, and
the cooperation agreement facilitates a long-term mutually
beneficial strategic partnership. The agreement includes details on
the commercial, technical, financial and operational issues
pursuant to which MC Mining will be able to draw on HEI's technical
expertise. Furthermore, HEI will assist and use its best endeavours
to arrange further funding in the development of the MC Mining's
substantial coking coal assets.
Authorised by
David Brown
Chief Executive Officer
For more information contact:
Chief Executive
David Brown Officer MC Mining Limited +27 10 003 8000
Chief Financial
Brenda Berlin Officer MC Mining Limited +27 10 003 8000
Endeavour Corporate +61 08 9316
Tony Bevan Company Secretary Services 9100
Company advisors:
Financial PR (United +44 20 7920
Jos Simson/Emily Fenton Kingdom) Tavistock 3150
Nominated Adviser +44 20 7418
Ross Allister and Broker Peel Hunt LLP 8900
Charmane Russell/Olwen Financial PR (South Russell & Associates +27 11 880
Auret Africa) 3924 or
+27 82 372
5816
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining Limited (MC Mining) is an AIM/ASX/JSE listed coal
exploration, development and mining company operating in South
Africa. MC Mining's key projects include the Uitkomst Colliery
(metallurgical coal), Makhado Project (coking and thermal coal).
Vele Colliery (coking and thermal coal), and the Greater
Soutpansberg Projects (coking and thermal coal).
Forward-Looking Statements
This Announcement, including information included or
incorporated by reference in this Announcement, may contain
"forward-looking statements" concerning MC Mining that are subject
to risks and uncertainties. Generally, the words "will", "may",
"should", "continue", "believes", "expects", "intends",
"anticipates" or similar expressions identify forward-looking
statements. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially
from those expressed in the forward-looking statements. Many of
these risks and uncertainties relate to factors that are beyond MC
Mining's ability to control or estimate precisely, such as future
market conditions, changes in regulatory environment and the
behaviour of other market participants. MC Mining cannot give any
assurance that such forward-looking statements will prove to have
been correct. The reader is cautioned not to place undue reliance
on these forward looking statements. MC Mining assumes no
obligation and do not undertake any obligation to update or revise
publicly any of the forward-looking statements set out herein,
whether as a result of new information, future events or otherwise,
except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions
only, which may change as new information becomes available or
circumstances change.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRBLGDLCSDBGCG
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