MC Mining Limited IDC Loan Update (0370A)
January 28 2022 - 11:08AM
UK Regulatory
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RNS Number : 0370A
MC Mining Limited
28 January 2022
ANNOUNCEMENT
28 January 2022
IDC LOAN UPDATE
MC Mining Limited (MC Mining or the Company) is pleased to
announce that the Industrial Development Corporation of South
Africa Limited (IDC) has extended the date for repayment of the
R160 million loan ($10.3 million) plus interest thereon and the
terminal drawdown date of the additional R245 million ($15.8
million) loan facility for the development of Phase 1 of the
Makhado hard coking coal project, to 30 November 2022. Drawdown of
the additional R245 million ($15.8 million) loan facility remains
subject to the IDC confirming its due diligence.
As previously announced, repayment of the R160 million loan plus
accrued interest was due by 31 January 2022. The IDC which holds a
6.7% equity in Baobab Mining & Exploration (Pty) Ltd (a
subsidiary of MC Mining), re mains committed to the Company's
growth
Background
Makhado has a life of mine in excess of 46 years and robust
fundamentals, resulting in compelling economics. The phased
development of Makhado will position MC Mining as South Africa's
pre-eminent hard coking coal producer and is expected to deliver
positive returns for shareholders. The Company is progressing with
securing the funds required to develop the project creating
creating some 650 permanent job opportunities and which will reduce
the volumes of hard coking coal South Africa currently imports.
Sam Randazzo
Interim Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
This announcement is inside information for the purpose s of
Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
amended by the Market Abuse (Amendment) (EU Exit) Regulations
2019.
All figures are in South African rand or United States dollars
unless otherwise stated.
For more information contact:
Sam Randazzo Interim CEO MC Mining Limited +61 408 945010
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
James Harris / James Dance Nominated Adviser (AIM) Strand Hanson Limited +44 20 7409 3494
Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
James Duncan 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 and thermal
coal), Makhado Project (hard coking coal). Vele Colliery (semi-soft
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 does 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.
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END
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