MC Mining Limited Generaal Mining Right Granted (2089S)
November 05 2019 - 2:00AM
UK Regulatory
TIDMMCM
RNS Number : 2089S
MC Mining Limited
05 November 2019
ANNOUNCEMENT 5 November 2019
GENERAAL MINING RIGHT GRANTED
MC Mining Limited ("MC Mining" or the "Company") is pleased to
announce that the South African Department of Mineral Resources
("DMR") has granted a mining right for its 74% owned Generaal
coking and thermal coal project ("Generaal Project") in the Limpopo
province.
The Generaal Project, together with the Chapudi and Mopane
Projects, comprise the Company's longer-term Greater Soutpansberg
Project ("GSP") in the Soutpansberg Coalfield. The GSP is located
within close proximity to the Musina-Makhado Special Economic Zone
("SEZ"), an area designated by government to focus on, amongst
others, energy and metallurgical industries.
The Company submitted mining right applications for the three
GSP project areas to the DMR during 2013 and following the Chapudi
Project mining right in December 2018, the Generaal Project mining
right is the second of the applications to be granted. The Generaal
Project contains over 407 million gross tonnes in situ of inferred
coal resources[1] and supports MC Mining's strategy of being South
Africa's pre-eminent producer of hard coking coal, used in the
steel manufacturing process and attracting significantly higher
sales prices compared to thermal coal.
David Brown, MC Mining's Chief Executive Officer commented:
"The granting of the Generaal Project mining right is a further
step in unlocking value from MC Mining's significant coking and
thermal coal assets, positioning the GSP to be a potential
long-term coal supplier to industrial users both local and
offshore, including the planned Musina-Makhado SEZ.
The long-term development of the three GSP project areas is
complementary to our flagship Makhado hard coking coal project,
also in the Soutpansberg Coalfield. The Company has made
significant progress in advancing Makhado during the last 12 months
and anticipates completing the Phase 1 capital raise process in the
near-term in order to facilitate the commencement of construction
in Q1 CY2020. The conclusion of domestic and export Makhado Phase 1
and Phase 2 off-take agreements reflects the market appetite for
hard coking coal and the significant potential of projects located
in this coalfield."
For more information contact:
David Brown Chief Executive Officer MC Mining Limited +27 10 003 8000
Brenda Berlin Chief Financial Officer MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Financial PR
Jos Simson/ Gareth Tredway (United Kingdom) Tavistock +44 20 7920 3150
Ross Allister/David McKeown Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
Charmane Russell/Olwen Auret Financial PR (South Africa) R&A Strategic Communications +27 11 880 3924
Investec Bank Limited is the nominated JSE Sponsor
About 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.
MC Mining has ensured that the mineral resources quoted are
subject to good governance arrangements and internal control. The
Company has engaged external independent consultants to update the
mineral resource in accordance with the JORC Code 2012 and SAMREC
2016. The units of measure in this report are metric, with Tonnes
(t) = 1,000kg. Technical information that requires subsequent
calculations to derive subtotals, totals and weighted averages may
involve a degree of rounding and consequently introduce an error.
Where such errors occur MC Mining does not consider them to be
material.
[1] The GSP independent Competent Persons Report can be found on
the Company's website:
http://www.mcmining.co.za/our-business/projects/gsp-mbeu-yashu
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of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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