MC Mining Limited Resignation of Executive Director (8432H)
April 08 2022 - 9:30AM
UK Regulatory
TIDMMCM
RNS Number : 8432H
MC Mining Limited
08 April 2022
ANNOUNCEMENT 8 April 2022
RESIGNATION OF EXECUTIVE DIRECTOR
MC Mining Limited (MC Mining or the Company) announces that Sam
Randazzo will step down as Executive Director, effective close of
business on 8 April 2022. Sam joined MC Mining in November 2019 as
a Non-Executive Director and subsequently as interim Chief
Executive Officer (CEO) and Executive Director from February 2021.
Mr Randazzo has agreed to continue in the role of interim CEO while
the Board identifies a suitable replacement.
In the short time of 12 months since his appointment, Mr
Randazzo stabilised the financial position of the Company during a
period of acute working capital challenges and social unrest in
South Africa. He successfully implemented diligent cash management,
negotiated extensions to debt facilities and vendor payments, and
concluded the R86 million (US$5.7 million) funding package
announced by the Company on 1 February 2022. Additionally, he
initiated and directed a bankable feasibility study for the Makhado
hard coking coal project (Makhado Project). Mr Randazzo also
originated discussions with several potential key cornerstone
funders for the Makhado Project.
Khomotso Mosehla, MC Mining's Chairman, said : "On behalf of the
Board I would like to thank Mr Randazzo for his significant
contributions as Executive Director. Mr Randazzo agreed to serve in
this role during a challenging time and has successfully guided MC
Mining during difficult business conditions. He has been
instrumental in setting the foundation for the Company to complete
a funding package for the development of the Makhado Project. The
Board is very grateful for his commitment."
Khomotso Mosehla
Chairman
This announcement has been approved by the Company's Disclosure
Committee.
For more information contact:
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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