TIDMMCM
RNS Number : 2480U
MC Mining Limited
29 July 2022
ANNOUNCEMENT 29 July 2022
ACTIVITIES REPORT FOR THE QUARTERED 30 JUNE 2022
FOR
MC Mining Limited (" MC Mining" or the "Company")
and its subsidiary companies
HIGHLIGHTS
Operations
-- Health and safety remain a top priority and no lost-time
injuries (LTIs) were recorded during the quarter (FY2022 Q3: three
LTIs);
-- Measures previously implemented to restrict the spread of the
COVID-19 virus at the various group workplaces remain in place
pending formal confirmation of the relaxation of requirements by
the relevant regulatory authorities. During the quarter, one
employee (FY2022 Q3: one employee) at the high grade Uitkomst
metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst)
contracted the virus;
-- Run-of-mine (ROM) coal production at Uitkomst was 7% lower
than the June 2021 quarter at 119,005 tonnes (t) (FY2021 Q4:
127,927t);
-- 22,169t (FY2021 Q4: 0t) of coal were at the Durban port at
the end of June 2022 for exporting in July/August 2022 on the terms
of the Coal Sales & Marketing Agreement (Marketing Agreement)
with Overlooked (Proprietary) Limited (Overlooked), announced by
the Company on 28 July 2022;
-- The Company recorded 34,126t of coal sales during the quarter
(FY2021 Q4: 90,858t), comprising 28,360t (FY2021 Q4: 84,834t) of
high grade metallurgical and thermal coal and 5,766t (FY2021 Q4:
6,024t) of lower grade middlings coal;
-- Revenue per tonne decreased to $80/t (FY2021 Q4: $85/t) with
high quality coal stockpiled for sales into the forecasted higher
pricing API4 market, achievable through the Marketing Agreement in
the September quarter (product stockpiles at site: FY2022 Q4:
15,534t vs. FY2021 Q4: 4,553t);
-- The Integrated Water Use Licence (IWUL) applications were
granted by the Department of Water & Sanitation (DWS) for the
Uitkomst Colliery and nearby Wykom siding were granted in April
2022;
-- Completion of the Makhado hard coking coal project (Makhado
Project or Makhado) Bankable Feasibility Study (BFS) 'base case'
scenario confirming the project's robust economic fundamentals, a
key input in the due diligence process for potential funders;
and
-- Limited activities undertaken at the Company's Vele semi-soft
coking and thermal coal colliery (Vele Colliery or Vele) and
Greater Soutpansberg Projects (GSP), which remains on care and
maintenance.
Corporate
-- Appointment of Mr Nhlanhla Nene as Non-Executive Director and Chairman of MC Mining;
-- Appointment of Mr Godfrey Gomwe as Managing Director and
Chief Executive Officer (CEO) of the Company and resignation of Sam
Randazzo as director and interim CEO;
-- Appointment of Mr Matthews Senosi of Senosi Group Investment
Holdings Pty Ltd (SGIH) (the Company's 19.9% shareholder) as a
Non-Executive Director of the Company;
-- Issue of 38,363,909 new ordinary shares in the capital of the
Company (Ordinary Shares) to SGIH under the terms of the
Convertible Advance and Subscription Agreement (the Agreement),
raising ZAR46 million and resulting in SGIH owning 19.9% of the
Company;
-- Completion of an independent fair and reasonableness report
by BDO Corporate Finance (WA) Pty Ltd in terms of the Agreement for
the issue of an additional 33,333,333 new Ordinary Shares to SGIH,
subject to shareholder approval, for ZAR40 million (approximately
$2.4 million);
-- Securing of a R60 million (approximately $3.5 million)
Standby Loan Facility (the Facility) from Dendocept (Pty) Ltd
(Dendocept), a 1.5% shareholder in MC Mining; and
-- Available cash and facilities at quarter-end of $3.1 million
($3.0 million at 31 March 2022) and restricted cash of $0.03
million.
Events subsequent to the end of the quarter
-- MC Mining shareholders voted against the issue of the
33,333,333 new Ordinary Shares to SGIH and the Company will repay
the R20 million ($1.2 million) already advanced by SGIH prior to
the shareholder meeting, during August 2022; and
-- Marketing Agreement entered into with Overlooked, expiring on
31 December 2022, facilitates the export of at least 20,000t of
API4 coal from Uitkomst on a monthly basis, allowing the Company to
take advantage of international coal prices.
COMMENTARY
MC Mining's flagship Makhado Project's favourable economics were
confirmed in the BFS completed by Minxcon (Pty) Ltd (Minxcon)
during the quarter. The development of Makhado is expected to
deliver positive returns for shareholders and could position the
Company as South Africa's pre-eminent hard coking coal (HCC)
producer. The BFS confirms the project's robust economics and is a
key milestone in the funding process. The Company is progressing
several alternative strategies to raise the required funding with a
target date to conclude the requisite financing during Q3
CY2022
The BFS is based on the project plan with the lowest capital
cost options and results in Makhado's ROM coal being transported to
the Vele Colliery for processing for the entire life of mine. The
project has an estimated capital cost (including contingencies) of
R625 million (approximately $41.7 million), a peak funding
requirement of R727 million (approximately $48.5 million), and is
expected to create an estimated 650 permanent employment positions
(including contractors) when at steady state production. The BFS
confirmed that Makhado has a short expected construction period of
12 months, positioning the project to take advantage of the
short-term forecasted higher global coal prices.
Uitkomst Colliery - Utrecht Coalfields (70% owned)
No LTIs were recorded during the quarter (FY2022 Q3: one
LTI).
The invasion of Ukraine in February 2022 and subsequent
sanctions against Russia exacerbated the global energy shortage
leading to international thermal coal prices attaining record
highs. The increase in coal prices were not accepted by the South
African domestic coal market. As a result of ongoing major
maintenance and the high coal prices, Uitkomst did not receive any
orders during the quarter from its largest customer.
The Company continued its assessment of alternative coal
marketing strategies for Uitkomst during the quarter, including the
trial production of a higher quality, low ash coal for the smaller
but more stable international pulverized coal injection (PCI)
market. However, the continued demand for API4 coal indicated that
this is currently the most lucrative market for Uitkomst's coal and
the colliery concluded the Marketing Agreement in July 2022, with
this route to market secured until December 2022. As a result, the
colliery will sell the majority of its coal at higher international
coal prices rather than floating and fixed price domestic
prices.
The Uitkomst Colliery generated 119,005t of ROM coal during the
quarter, a decline of 7% (Q4 FY2021: 127,929t) resulting from
challenging geological conditions experienced. Sales of high-grade
peas and duff of 28,360t (Q4 FY2021: 84,834t) with sales volumes in
the comparative Q4 FY2021 were augmented by the sale of coal
carried over from the preceding quarter. Uitkomst had 22,169t (Q4
FY2021: 0t) of API4 quality coal at the Durban port at the end of
the quarter, and a further 15,534t (FY2021 Q4: 4,553t) of at the
colliery, compared to 8,373t at the beginning of the quarter. In
addition, the colliery also sold 5,766t of high ash middlings coal
during the quarter (FY2021 Q4: 6,024t).
The average API4 prices for the three months to 30 June 2022
were $315/t compared to $105/t in Q4 FY2021. Uitkomst's sales
include lower value middlings coal as well as sales under fixed
price arrangements and the volumes of these sales were reduced in
July 2022 when the offtakes were renegotiated. The stockpiling of
high grade export coal adversely affected the composition of
Uitkomst's sales mix resulting in revenue per tonne being
marginally higher than the comparative period in South African rand
terms (R1,238/t vs. R1,201/t). However, exchange rate movements
resulted in average revenue per tonne decreasing in US dollar terms
($80/t vs. $85/t in Q4 FY2021). The 67% decline in sales of premium
quality ROM coal products as well as increased maintenance,
particularly underground mining equipment, resulted in production
costs per saleable tonne being higher than the comparative period
(FY2022 Q4: $108/t vs. FY2021 Q4: $57/t) and the decision to
stockpile coal for sale on international markets.
Quarter to end-Jun 2022 Quarter to end-Jun 2021 %
Production volues
Uitkomst ROM (t) 119,005 127,927 (7%)
Inventory volumes
High quality duff and peas at site (t) 15,534 4,553 241%
High quality duff and peas at port (t) 22,169 - 100%
37,703 4,553 728%
Sales tonnages
High quality duff and peas (t) 28,360 84,834 (67%)
Middlings sales (t) 5,766 6,024 (4%)
34,126 90,858 (62%)
Quarter financial metrics
Revenue/t ($) 80 85 (6%)
Revenue/t (ZAR) 1,238 1,201 3%
Production cost/saleable tonnes ($)^ 108 57 91%
---------------------------------------- ------------------------- ------------------------- -------
^ costs are all South African Rand based
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned)
The favourable economics of MC Mining's flagship Makhado Project
were confirmed in the BFS completed by Minxcon. The development of
Makhado is expected to deliver positive returns for shareholders
and could position the Company as South Africa's pre-eminent HCC
producer. The Company subsequently mandated Minxcon to expand the
BFS to include alternative development plans to enhance value.
These include, amongst others, the moving of the Vele coal
processing plant (CPP) to Makhado or the construction of a new CPP
at Makhado, and this additional work on the BFS is ongoing. A
further announcement is expected to be made in the coming weeks
.
Vele Semi-Soft Coking and Thermal Coal Colliery - Limpopo (Tuli)
Coalfield (100% owned)
The Vele Colliery remained on care and maintenance during the
quarter and recorded no LTIs during the period (FY2022 Q3: two
LTIs). The base case assessed in the Makhado BFS assumes the Vele
processing plant will be refurbished and recommissioned as part of
the development of the Makhado Project. Depending on the outcome of
the work Minxcon is doing on alternative development plans for
Makhado, the construction of a CPP at Makhado would allow
alternative development opportunities at Vele which the Company is
also investigating.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74%
owned)
GSP recorded no LTIs (FY2022 Q3: nil) during the quarter and no
reportable activities occurred during the period.
Standby facility
The Company secured a R60 million Standby Facility from
Dendocept and proceeds from this were utilised to enhance the
Makhado BFS, geotechnical and confirmatory drilling programmes at
Makhado, as well as fund group working capital. These funds
assisted the Group during the quarter as inventory levels rose to
cater for volumes required for the export market.
The Facility is guaranteed by MC Mining, is unsecured and is
available for a period of 12 months, to June 2023 . Interest is
paid monthly calculated using the prevailing South African prime
interest rate (currently 9.0%) plus a margin of 3%, similar to that
levied on the current bank financing in the Group. Any outstanding
balance on the final maturity date is payable in cash or
convertible to MC Mining equity at a 15% discount to the prevailing
30-day Volume Weighted Average Price. Payment in MC Mining equity
is at the sole discretion of the Company and is subject to all
required shareholder and regulatory requirements, including South
African exchange control approval.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 30 June 2022 was $3.1 million
with available facilities of $0.3 million. The aggregate amount of
payments to related parties and their associates, as disclosed as
item 6.1 of the March quarter Appendix 5B was $106k, comprising
executive director remuneration.
To meet its working capital requirements, the Group is exploring
and progressing several alternative strategies to raise additional
funding including, but not limited to:
-- the issue of new equity for cash in the Company to current
and new shareholders, of which the MC Mining Group has a
demonstrated history of success;
-- the issue of new equity for cash in subsidiary companies which own the Makhado Project;
-- further debt funding;
-- further contractor BOOT (build, own, operate, transfer) funding arrangements; and
-- the sale of a minority stake in the subsidiary companies holding the Makhado Project.
The Group also has the capacity if necessary to reduce its
operating cost structure to minimise its working capital
requirements and defer the timing of any future capital raising.
The conclusion of the debt and equity raise is by its nature an
involved process and is subject to successful negotiations with the
external funders and shareholders. Any equity raise is likely to be
subject to a due diligence process. The Group has a history of
successful capital raisings to meet the Group's funding
requirements.
Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
All figures are in South African rand or United States dollars
unless otherwise stated.
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.
Tenements held by MC Mining and its Controlled Entities
Project Name Tenement Number Location Interest Change during quarter
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Chapudi Project* Albert 686 MS Limpopo 74%
Bergwater 712 MS 74%
Remaining Extent and Portion 2 of
Bergwater 697 MS 74%
Blackstone Edge 705 MS 74%
Remaining Extent & Portion 1 of
Bluebell 480 MS 74%
Remaining Extent & Portion 1 of
Bushy Rise 702 MS 74%
Castle Koppies 652 MS 74%
Chapudi 752 MS 74%
Remaining Extent, Portions 1, 3 &
4 of Coniston 699 MS 74%
Driehoek 631 MS 74%
Remaining Extent of Dorps-rivier
696 MS 74%
Enfield 512 MS (consolidation of
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS & Remaining
Extent of Grootvlei 684 MS) 74%
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS 74%
Grootvlei 684 MS 74%
Kalkbult 709 MS 74%
Remaining Extent, Remaining
Extent of Portion 2, Remaining
Extent of Portion 3, Portions 1,
4, 5, 6, 7 & 8 of Kliprivier 692
MS 74%
Remaining Extent of Koodoobult
664 MS 74%
Koschade 657 MS (Was Mapani Kop
656 MS) 74%
Malapchani 659 MS 74%
Mapani Ridge 660 MS 74%
Melrose 469 MS 74%
Middelfontein 683 MS 74%
Mountain View 706 MS 74%
M'tamba Vlei 654 MS 74%
Remaining Extent & Portion 1 of
Pienaar 635 MS 74%
Remaining Extent & Portion 1 of
Prince's Hill 704 MS 74%
Qualipan 655 MS 74%
Queensdale 707 MS 74%
Remaining Extent & Portion 1 of
Ridge End 662 MS 74%
Remaining Extent & Portion 1 of
Rochdale 700 MS 74%
Sandilands 708 MS 74%
Portions 1 & 2 of Sandpan 687 MS 74%
Sandstone Edge 658 MS 74%
Remaining Extent of Portions 2 &
3 of Sterkstroom 689 MS 74%
Sutherland 693 MS 74%
Remaining Extent & Portion 1 of
Varkfontein 671 MS 74%
Remaining Extent, Portion 2,
Remaining Extent of Portion 1 of
Vastval 477 MS 74%
Vleifontein 691 MS 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695
MS 74%
Wildebeesthoek 661 MS 74%
Woodlands 701 MS 74%
---------------------------------- --------------------------------------------- ---------- ----------------------
Kanowna West & Kalbara M27/41 Coolgardie^ Royalty<>
----------------
M27/47 Royalty<>
----------------
M27/59 Royalty<>
M27/72,27/73 Royalty<>
M27/114 Royalty<>
M27/196 Royalty<>
M27/181 6.79%
M27/414,27/415 Royalty<>
P27/1826-1829 Royalty<>
P27/1830-1842 Royalty<>
P27/1887 Royalty<>
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Abbotshall Royalty ML63/409,410 Norseman^ Royalty
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Kookynie Royalty ML40/061 Leonora^ Royalty
----------------------------
ML40/135,136 Royalty
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
Makhado Project Fripp 645 MS Limpopo 67%(#)
Lukin 643 MS 67%(#)
Mutamba 668 MS 67%(#)
Salaita 188 MT 67%(#)
Tanga 849 MS 67%(#)
Daru 889 MS 67%(#)
Windhoek 900 MS 67%(#)
Generaal Project* Beck 568 MS Limpopo 74%
Bekaf 650 MS 74%
Remaining Extent & Portion 1 of
Boas 642 MS- 74%
Chase 576 MS 74%
Coen Britz 646 MS 74%
Fanie 578 MS 74%
Portions 1, 2 and Remaining
Extent of Generaal 587 MS 74%
Joffre 584 MS 74%
Juliana 647 MS 74%
Kleinenberg 636 MS 74%
Remaining Extent of Maseri Pan
520 MS 74%
Remaining Extent and Portion 2 of
Mount Stuart 153 MT 100%
Nakab 184 MT 100%
Phantom 640 MS 74%
Riet 182 MT 100%
Rissik 637 MS 100%
Schuitdrift 179 MT 100%
Septimus 156 MT 100%
Solitude 111 MT 74%
Stayt 183 MT 100%
Remaining Extent & Portion 1 of
Terblanche 155 MT 100%
Van Deventer 641 MS 74%
Wildgoose 577 MS 74%
---------------------------------- --------------------------------------------- ---------- ----------------------
Mopane Project* Ancaster 501 MS Limpopo 100%
Banff 502 MS 74%
Bierman 599 MS 74%
Cavan 508 MS 100%
Cohen 591 MS 100%
Remaining Extent, Portions 1 & 2
of Delft 499 MS 74%
Dreyer 526 MS 74%
Remaining Extent of Du Toit 563
MS 74%
Faure 562 MS 74%
Remaining Extent and Portion 1 of
Goosen 530 MS 74%
Hermanus 533 MS 74%
Jutland 536 MS 100%
Krige 495 MS 74%
Mons 557 MS 100%
Remaining Extent of Otto 560 MS
(Now Honeymoon) 74%
Remaining Extent & Portion 1 of
Pretorius 531 MS 74%
Schalk 542 MS 74%
Stubbs 558 MS 100%
Ursa Minor 551 MS 74%
Van Heerden 519 MS 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9,
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16,
17, 18, 19, 20, 21, 22, 23, 24,
26, 27, 29, 30, 35, 36, 37, 38,
39, 40, 41, 44, 45, 46, 48,
49, 50, 51, 52 & 54 of Vera 815
MS 74%
Remaining Extent of Verdun 535 MS 74%
Voorburg 503 MS 100%
Scheveningen 500 MS 74%
Uitkomst Colliery and Portion 3 (of 2) of Kweekspruit
prospects No. 22 KwaZulu-Natal 70%
Portion 8 (of 1) of Kweekspruit
No. 22 70%
Remainder of Portion 1 of
Uitkomst No. 95 70%
Portion 5 (of 2) of Uitkomst No.
95 70%
Remainder Portion1 of Vaalbank
No. 103 70%
Portion 4 (of 1) of Vaalbank No.
103 70%
Portion 5 (of 1) of Vaalbank No.
103 70%
Remainder of Portion 1 of
Rustverwacht No. 151 70%
Remainder of Portion 2 of
Rustverwacht No. 151 70%
Remainder of Portion 3 (of 1) of
Rustverwacht No. 151 70%
Portion 4 (of 1) Rustverwacht
No.151 70%
Portion 5 (of 1) Rustverwacht No.
151 70%
Remainder of Portion 6 (of 1) of
Rustverwacht No. 151 70%
Portion 7 (of 1) of Rustverwacht
No. 151 70%
Portion 8 (of 2) of Rustverwacht
No. 151 70%
Remainder of Portion 9 (of 2) of
Rustverwacht No. 151 70%
Portion 11 (of 6) of Rustverwacht
No. 151 70%
Portion 12 (of 9) of Rustverwacht
No. 151 70%
Portion 13 (of 2) of Rustverwacht
No. 151 70%
Portion 14 (of 2) of Rustverwacht
No. 151 70%
Portion 15 (of 3) of Rustverwacht
No. 151 70%
Portion 16 (of 3) of Rustverwacht
No. 151 70%
Portion 17 (of 2) of Rustverwacht
No. 151 70%
Portion 18 (of 3) of Waterval No.
157 70%
Remainder of Portion 1 of
Klipspruit No. 178 70%
Remainder of Portion 4 of
Klipspruit No. 178 70%
Remainder of Portion 5 of
Klipspruit No. 178 70%
Portion 6 of Klipspruit No. 178 70%
Portion 7 (of 1) of Klipspruit
No. 178 70%
Portion 8 (of 1 )of Klipspruit
No. 178 70%
Portion 9 of Klipspruit No. 178 70%
Remainder of Portion 10 (of 5) of
Klipspruit No. 178 70%
Portion 11 (of 5) of Klipspruit
No. 178 70%
Portion 13 (of 4) of Klipspruit
No. 178 70%
Remainder of Portion 14 of
Klipspruit No. 178 70%
Portion 16 (of 14) of Klipspruit
No. 178 70%
Portion 18 of Klipspruit No. 178 70%
Portion 23 of Klipspruit No. 178 70%
Remainder of Portion 1 of
Jackalsdraai No. 299 70%
Remainder of Jericho B No. 400 70%
Portion 1 of Jericho B No. 400 70%
Portion 2 of Jericho B No. 400 70%
Portion 3 of Jericho B No. 400 70%
Remainder of Jericho C No. 413 70%
Portion 1 of Jericho C No. 413 70%
Remainder of Portion 1 of Jericho
A No. 414 70%
Remainder of Portion 2 (of 1) of
Jericho A No. 414 70%
Portion 3 (of 1) of Jericho A No.
414 70%
Portion 4 (of 1) of Jericho A No.
414 70%
Portion 5 (of 2) of Jericho A No.
414 70%
Portion 6 (of 1) of Jericho A No.
414 70%
Margin No. 420 70%
Portions of Overvlakte 125 MS
Vele Colliery and (Remaining Extent, 3, 4, 5, 6,
prospects 13, 14) Limpopo 100%
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
---------------------------------- --------------------------------------------- ---------- ----------------------
Certain portions of Unsurveyed
Tshikunda(1) State Land known as Mutale Limpopo 60% (60%)
---------------------------- ---------------------------------- ---------------- ---------- ----------------------
* Form part of the Greater Soutpansberg Projects
Tenement located in the Republic of South Africa
^ Tenement located in Australia
(#) MC Mining's interest will reduce to 67% on completion of the
26% Broad Based Black Economic Empowerment (BBBEE) transaction
<> net smelter royalty of 0.5%
(1) The Tshikunda prospecting right has lapsed
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