MC Mining Limited Director Resignation (4682Y)

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RNS Number : 4682Y

MC Mining Limited

02 January 2020

ANNOUNCEMENT 2 January 2020

DIRECTOR RESIGNATION

Thabo Mosololi, a non-executive director of MC Mining Limited ("MC Mining" or "the Company"), has resigned as a director of the Company to focus on his executive role in the broader hospitality sector. His resignation was effective from 31 December 2019. Mr Mosololi has been a member of MC Mining's board of directors since 2014 and provided valuable input as Chairman of the Company's Audit & Risk Committee.

Commenting today David Brown, CEO, said: "On behalf of the Board and shareholders, I would like to thank Thabo for his contribution to MC Mining as we transformed to a mining company while also developing our flagship Makhado hard coking coal project. Consistent with our November and December 2019 announcements, we continue to progress the composite debt/equity funding initiatives for Phase 1 of Makhado. This includes due diligence investigations by potential debt providers and investors at both group and project level and we anticipate completion of the funding processes during H1 CY2020, with construction commencing soon thereafter."

Authorised by

David Brown

Chief Executive Officer

 
 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.

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

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