MC Mining Limited Resignation of Chief Executive Officer (5679B)
January 31 2020 - 4:45AM
UK Regulatory
TIDMMCM
RNS Number : 5679B
MC Mining Limited
31 January 2020
ANNOUNCEMENT
31 January 2020
RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE
DIRECTOR
MC Mining Limited ("MC Mining" or "the Company") announces that
after seven and a half years at the Company, David Brown will step
down as Chief Executive Officer ("CEO") and Executive Director with
effect from 31 January 2020 to pursue his own interests. David will
continue to be available until 31 March 2020 for any handover and
to assist the Board in any relevant matters.
Brenda Berlin, the Company's Chief Financial Officer ("CFO")
will now serve as Acting CEO with a focus on securing the required
funding for the development of our flagship Makhado hard coking
coal project ("Makhado Project" or "Makhado"). The process to raise
the $52 million composite debt/ equity funding necessary for
Makhado Phase 1 is progressing and the Company secured debt funding
of $17 million from the Industrial Development Corporation of South
Africa Limited during H2 CY2019.
David joined MC Mining in August 2012 as Chairman, serving as
Executive Chairman from June 2013 and was appointed as CEO in
February 2014. He has guided the Company in a challenging business
environment, accompanied by periods of significant commodity price
volatility. David completed an extensive restructuring of MC
Mining's balance sheet, followed by the progression of the
Company's hard coking coal assets and the acquisition of the cash
generative Uitkomst Colliery. David has also worked closely with
Brenda to secure funding for the development of the Makhado
Project.
Commenting today Bernard Pryor, MC Mining's Chairman said: "On
behalf of the Board and shareholders I would like to thank David
for his commitment and extensive contribution and wish him well in
his future endeavours. David has played a pivotal role in the
development of the Company, positioning MC Mining to be the
pre-eminent producer of hard coking coal in South Africa. I am
pleased that Brenda has accepted the role of Acting CEO in this key
period. She has significant capital raising experience, amongst
other areas, having been the CFO of Impala Platinum Holdings
Limited for a period of seven years prior to joining MC
Mining."
Authorised by
Bernard Pryor
Chairman
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For more information contact:
Brenda Berlin CFO and Acting CEO MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
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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