MC Mining Limited Appendix 5B (6735R)
October 31 2019 - 3:01AM
UK Regulatory
TIDMMCM
RNS Number : 6735R
MC Mining Limited
31 October 2019
99+Rule 5.5
Appendix 5B
Mining exploration entity and oil and gas exploration entity
quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97,
01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16
Name of entity
-----------------------------------------------------
MC Mining Limited
ABN Quarter ended ("current quarter")
--------------- ----------------------------------
98 008 905 388 30 September 2019
----------------------------------
Consolidated statement of cash Current quarter Year to date
flows $USD'000 (3 months)
$USD'000
1. Cash flows from operating
activities
1.1 Receipts from customers 5,841 5,841
1.2 Payments for
(a) exploration & evaluation (750) (750)
(b) development - -
(c) production (5,351) (5,351)
(d) staff costs (908) (908)
(e) administration and corporate
costs (1,105) (1,105)
1.3 Dividends received (see note - -
3)
1.4 Interest received 52 52
1.5 Interest and other costs of - -
finance paid
1.6 Income taxes paid - -
1.7 Research and development refunds - -
1.8 Other (provide details if - -
material)
---------------- ----------------
Net cash from / (used in)
1.9 operating activities (2,221) (2,221)
----- --------------------------------- ---------------- ----------------
2. Cash flows from investing
activities
2.1 Payments to acquire: - -
(a) property, plant and
equipment (162) (162)
(b) tenements (see item 10) - -
(c) investments (174) (174)
(d) other non-current assets - -
2.2 Proceeds from the disposal
of:
(a) property, plant and
equipment 1,187 1,187
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to - -
other entities
2.4 Dividends received (see note - -
3)
Other (provide details if
material)-deferred
consideration
2.5 payment on acquisitions (1,098) (1,098)
---------------- ----------------
Net cash from / (used in)
2.6 investing activities (247) (247)
------- ------------------------------- ---------------- ----------------
3. Cash flows from financing
activities
3.1 Proceeds from issues of shares - -
3.2 Proceeds from issue of - -
convertible
notes
3.3 Proceeds from exercise of - -
share options
3.4 Transaction costs related - -
to issues of shares,
convertible
notes or options
3.5 Proceeds from borrowings - -
3.6 Repayment of borrowings (252) (252)
3.7 Transaction costs related - -
to loans and borrowings
3.8 Dividends paid - -
Other (provide details if
3.9 material) (180) (180)
---------------- ----------------
Net cash from / (used in)
3.10 financing activities (432) (432)
------- ------------------------------- ---------------- ----------------
4. Net increase / (decrease)
in cash and cash equivalents
for the period
Cash and cash equivalents
4.1 at beginning of period 8,843 8,843
Net cash from / (used in)
operating activities (item
4.2 1.9 above) (2,221) (2,221)
Net cash from / (used in)
investing activities (item
4.3 2.6 above) (247) (247)
Net cash from / (used in)
financing activities (item
4.4 3.10 above) (432) (432)
Effect of movement in exchange
4.5 rates on cash held (693) (693)
---------------- ----------------
Cash and cash equivalents
4.6 at end of period 5,250 5,250
------- ------------------------------- ---------------- ----------------
5. Reconciliation of cash and Current quarter Previous quarter
cash equivalents $USD'000 $USD'000
at the end of the quarter
(as shown in the consolidated
statement of cash flows) to
the related items in the accounts
5.1 Bank balances 5,217 8,808
5.2 Call deposits 33 35
5.3 Bank overdrafts
5.4 Other (provide details)
---------------- -----------------
Cash and cash equivalents
at end of quarter (should
5.5 equal item 4.6 above) 5,250 8,843
---- ----------------------------------- ---------------- -----------------
6. Payments to directors of the entity and Current quarter
their associates $USD'000
Aggregate amount of payments to these parties
6.1 included in item 1.2 279
----------------
6.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3
----------------
6.3 Include below any explanation necessary to understand
the transactions included in items 6.1 and 6.2
----- -----------------------------------------------------------------
Salary payments for the quarter made to the Executive directors
and director fees paid to the Non-Executive directors.
7. Payments to related entities of the entity Current quarter
and their associates $USD'000
7.1 Aggregate amount of payments to these parties
included in item 1.2
----------------
7.2 Aggregate amount of cash flow from loans
to these parties included in item 2.3
----------------
7.3 Include below any explanation necessary to understand
the transactions included in items 7.1 and 7.2
---- ----------------------------------------------------------------
8. Financing facilities available Total facility Amount drawn
Add notes as necessary for amount at quarter at quarter end
an understanding of the position end $USD'000
$USD'000
8.1 Loan facilities 15,820 7,910
------------------- ----------------
8.2 Credit standby arrangements
------------------- ----------------
8.3 Other (please specify) 2,301 983
------------------- ----------------
8.4 Include below a description of each facility above, including
the lender, interest rate and whether it is secured or
unsecured. If any additional facilities have been entered
into or are proposed to be entered into after quarter
end, include details of those facilities as well.
---- -------------------------------------------------------------------------
$USD7.9 million facility of the $USD 15.8 million provided
by the Industrial Development Corporation of South Africa to
the company's subsidiary is still available for drawdown. The
loan is payable on the third anniversary of each advance plus
a real after tax rate of return of 16% on the advanced amount.
The $USD 2.3 million facility was secured during the 2019 financial
year, from ABSA Bank. $USD 1.3 million of the facility is for
short-term working capital requirements and potential expansion
opportunities. The $USD1.3 million has a floating coupon at
the South African Prime rate (currently 10.0% per annum) plus
1.0%, with the operating mine Uitkomst Colliery debtors ceded
as security. The facility is subject to annual review. This
facility was undrawn at the end of the quarter.
The balance of the $USD2.3 million relates to an equipment
lease facility that has been utilised. The lease facility has
a five-year term at the South Africa prime interest rate (currently
10% per annum)
9. Estimated cash outflows for next $USD'000
quarter
9.1 Exploration and evaluation -
9.2 Development -
9.3 Production (5,344)
9.4 Staff costs (1,705)
9.5 Administration and corporate costs (1,295)
9.6 Other (811)
---------
9.7 Total estimated cash outflows (9,155)
---- ----------------------------------- ---------
10. Changes in tenements Tenement Nature of interest Interest Interest
(items 2.1(b) reference at beginning at end
and 2.2(b) above) and location of quarter of quarter
10.1 Interests in
mining tenements
and petroleum
tenements lapsed,
relinquished
or reduced
----- --------------------- -------------- ------------------- -------------- ------------
10.2 Interests in
mining tenements
and petroleum
tenements acquired
or increased
----- --------------------- -------------- ------------------- -------------- ------------
Compliance statement
1 This statement has been prepared in accordance with accounting
standards and policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Sign here:
............................................................ Date:
.............................................
(Director/Company secretary)
Print name: .........................................................
Notes
1. The quarterly report provides a basis for informing the
market how the entity's activities have been financed for the past
quarter and the effect on its cash position. An entity that wishes
to disclose additional information is encouraged to do so, in a
note or notes included in or attached to this report.
2. If this quarterly report has been prepared in accordance with
Australian Accounting Standards, the definitions in, and provisions
of, AASB 6: Exploration for and Evaluation of Mineral Resources and
AASB 107: Statement of Cash Flows apply to this report. If this
quarterly report has been prepared in accordance with other
accounting standards agreed by ASX pursuant to Listing Rule 19.11A,
the corresponding equivalent standards apply to this report.
3. Dividends received may be classified either as cash flows
from operating activities or cash flows from investing activities,
depending on the accounting policy of the entity.
This information is provided by RNS, the news service of the
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Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
UPDWGGPPUUPBGCU
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