MC Mining Limited Statement Re Share Price Movement (1084U)
July 28 2022 - 6:25AM
UK Regulatory
TIDMMCM
RNS Number : 1084U
MC Mining Limited
28 July 2022
ANNOUNCEMENT 28 July 2022
STATEMENT RE SHARE PRICE MOVEMENT
CAUTIONARY ANNOUNCEMENT
MC Mining Limited (MC Mining or the Company) notes the recent
share price rise and provides the following update. As previously
announced, the Company is advancing the funding processes for the
Makhado hard coking coal project (Makhado or the Makhado Project)
and targets concluding this during Q3 CY2022. The funding is
expected to include a combination of debt and an equity issue by
the Company, and the Bankable Feasibility Study (BFS) completed by
Minxcon (Pty) Ltd (Minxcon) in April 2022 (and advised to the
market on 14 April 2022) was a key milestone in progressing such
funding. The Makhado development plan in the BFS was designed to
minimise the upfront capital expenditure by utilising existing
infrastructure at the Vele Colliery. This included modifying the
existing coal processing plant (CPP) at the Vele Colliery,
currently on care and maintenance, allowing it to simultaneously
produce hard coking coal (HCC) and export quality thermal coal.
The Company has subsequently mandated Minxcon to expand the BFS
to include alternative development plans to enhance value. These
include, amongst others, the moving of the Vele CPP to Makhado or
the construction of a new CPP at Makhado, and this additional work
on the BFS is ongoing, and a further announcement will be made will
be made in the coming weeks . The construction of a CPP at Makhado
allows alternative development opportunities at Vele which the
Company is also investigating.
MC Mining has ongoing performance improvement initiatives at its
high-grade Uitkomst metallurgical and thermal colliery. This
included the alternative product production as well as associated
marketing strategies resulted in the 28 July 2022 announcement
detailing the Sales & Marketing Agreement with Overlooked
Collieries Proprietary Limited.
Should any of the various processes outlined above be pursued
and concluded, it may have a material effect on the price of the
Company's securities and further announcements will be made in due
course, as appropriate. Shareholders should note that there can be
no certainty of any such initiatives ultimately being secured.
Accordingly, shareholders are advised to exercise caution when
dealing in their MC Mining securities until further announcements
are made.
Godfrey Gomwe
Managing Director and Chief Executive Officer
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 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).
All figures are denominated in United States dollars unless
otherwise stated. Safety metrics are compared to the preceding
quarter while financial and operational metrics are measured
against the comparable period in the previous financial year. A
copy of this report is available on the Company's website,
www.mcmining.co.za .
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.
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) 596/2014, as it
forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018 (as amended).
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END
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