MC Mining Limited Extension of the Cautionary Announcement (8297Y)
September 08 2022 - 10:59AM
UK Regulatory
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RNS Number : 8297Y
MC Mining Limited
08 September 2022
ANNOUNCEMENT 8 September 2022
EXTENSION OF THE CAUTIONARY ANNOUNCEMENT
MC Mining Limited (MC Mining or the Company) issued a cautionary
announcement on 28 July 2022 noting the rise in its share price.
Further to this announcement and further share price movements, the
Company announces an extension of the cautionary announcement.
As previously reported, the Company continues to advance the
funding processes for the Makhado hard coking coal project (Makhado
or the Makhado Project) and targets to conclude this during Q4
CY2022. The funding is expected to include a combination of debt
and equity issues by the Company.
The Bankable Feasibility Study (BFS) completed by Minxcon (Pty)
Ltd (Minxcon) and announced to the market on 14 April 2022 was a
key milestone in progressing such funding and the BFS development
plan was designed to minimise the upfront capital expenditure. As
announced on 30 August 2022 , to enhance value, Minxcon undertook a
pre-feasibility study that, amongst others, included the potential
construction of a coal processing plant (CPP) at the Makhado
Project. The construction of a CPP at Makhado allows for
alternative development opportunities at the Vele Colliery,
currently on care and maintenance, which the Company is also
investigating.
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.
On 8 September 2022 the Company announced a trading halt on the
Australian Stock Exchange (ASX) and expects to make a further
announcement by Monday, 12 September 2022, whereupon it will apply
for its shares to recommence trading on the ASX. The Company's
ordinary shares will continue to trade on the and Johannesburg
Stock Exchange and AIM market of the London Stock Exchange plc.
Godfrey Gomwe
Managing Director and Chief Executive Officer
This announcement has been approved by the Company's Disclosure
Committee.
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).
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.
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END
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