TIDMMCM
RNS Number : 7294E
MC Mining Limited
31 October 2022
ANNOUNCEMENT 31 October 2022
ACTIVITIES REPORT FOR THE QUARTERED 30 SEPTEMBER 2022
FOR
MC Mining Limited (" MC Mining" or the "Company")
and its subsidiary companies
HIGHLIGHTS
Operations
-- Health and safety remain a top priority and one lost-time
injury (LTI) was recorded during the quarter (FY2022 Q4: zero
LTIs);
-- Restrictions previously implemented to limit the spread of
the COVID-19 virus at the various group workplaces were to a large
extent removed following the relaxation of regulations by the
government;
-- Run-of-mine (ROM) coal production at Uitkomst metallurgical
and thermal coal mine (Uitkomst Colliery or Uitkomst) was 5% higher
than the September 2021 quarter at 126,053 tonnes (t) (FY2022 Q1:
120,260t);
-- Conclusion of a Coal Sales & Marketing Agreement
(Marketing Agreement) with Overlooked (Proprietary) Limited
(Overlooked) facilitating the export of at least 20,000t of API4
(6,000k/cal) coal from Uitkomst on a monthly basis, providing
access to higher-priced international thermal coal markets;
-- The Company recorded 42,686t of coal sales during the quarter
(FY2022 Q1: 70,545t), comprising 39,730t (FY2022 Q1: 64,673t) of
high-grade thermal coal and 2,956t (FY2022 Q1: 5,872t) of lower
grade middlings coal. This included the export of 25,856t (FY2022
Q1: 0t) with a further 42,115t at port at the end of the quarter,
subsequently exported during October 2022;
-- Revenue per tonne increased to $125/t (FY2022 Q1: $108/t)
following the sale of coal in the higher-priced US dollar
denominated, API4 thermal coal market;
o Independent mining consultancy Minxcon (Pty) Ltd (Minxcon)
completed a study assessing potential alternative development
scenarios for the Makhado hard coking coal project (Makhado Project
or Makhado) with a view to optimising capital expenditure and
reducing operational costs compared to the 'Base Case' scenario
detailed in the Bankable Feasibility Study (BFS) announced in April
2022;
o Following the successful outcome of the additional scenario
pre-feasibility study, the MC Mining Board approved the
construction of a 2.0Mt per annum coal processing plant (CPP) at
Makhado, subject to funding;
o Minxcon further assessed the potential advantages of
additional BOOT (build, own, operate, transfer) funding for
elements of the Makhado CPP; and
o Limited activities were undertaken at the Com pany's Vele
Aluwani semi-soft coking and thermal coal colliery (Vele Colliery
or Vele) and Greater Soutpansberg Projects (GSP).
Corporate
o MC Mining shareholders voted against the issue of a further
33,333,333 new Ordinary Shares to the Senosi Group Investment
Holdings (Proprietary) Limited (SGIH) and the Company repaid ZAR10
million ($0.6 million) of the ZAR20 million ($1.2 million) already
advanced by SGIH with the balance to be paid in November 2022;
o Commencement of a fully underwritten 1.012 for 1 renounceable
rights issue offer (Rights Offer) of new ordinary shares of no par
value in MC Mining (each, a New Share) at an issue price of A$0.20
(US$0.14) per New Share raising gross proceeds of A$40 million
(equivalent to approximately ZAR451 million / US$27.6 million) via
the issue of approximately 200,026,728 New Shares; and .
-- Available cash and facilities at quarter-end of $2.2 million
($3.1 million at 30 June 2022) and restricted cash of $0.03
million.
Godfrey Gomwe, Managing Director & Chief Executive Officer,
commented:
"The Company made significant progress during the September 2022
quarter. The most notable achievements being securing access to
export markets for Uitkomst's coal, assessment of alternative
development and BOOT funding scenarios for Makhado and the
commencement of the fully underwritten A$40.0 million Rights
Issue.
"The six-month Marketing Agreement signed with Overlooked
ensures that our Uitkomst Colliery is in a position to benefit from
elevated international thermal coal prices following Russia's
invasion of Ukraine and the global energy shortage. We recorded our
first shipment during August and had significant stockpiles at port
at the end of the quarter and pleasingly, this coal was exported
during October 2022.
The construction of the Makhado CPP materially reduces the
colliery's operational costs by removing the need to transport the
crushed and screened ROM coal 134km to Vele. Makhado is expected to
create an estimated 650 permanent employment positions, including
contractors, when at steady state production. Following this, the
MC Mining Board approved the construction of a CPP at Makhado,
subject to funding.
"The launch of the Rights Issue at the end of September 2022
secures the cornerstone funding for Makhado and confirms
shareholder support for the development of the project. The Rights
Issue, once concluded, also satisfies a key condition for the
drawdown of the new Industrial Development Corporation of South
Africa Limited (IDC) facility. The Company is progressing
initiatives to secure the balance of the funding, including
additional BOOT funding and composite debt opportunities as well as
potential coal prepayments. These initiatives are expected to be
finalised in Q1 2023 and early works at the Makhado Project will
also commence during this time."
Uitkomst Colliery - Utrecht Coalfields (70% owned)
One LTI was recorded during the quarter (FY2022 Q4: zero
LTIs).
The increase in international thermal coal prices led to the
Company assessing alternative coal marketing strategies for
Uitkomst and the conclusion of the six-month Marketing Agreement
during the quarter. The Marketing Agreement expires at the end of
December 2022 and, until then, allows Uitkomst to sell the majority
of its coal at prices linked to international coal indexes rather
than at floating and fixed price domestic prices.
The Uitkomst Colliery generated 126,053t of ROM coal during the
quarter (FY2022 Q1: 120,260t) despite challenging geological
conditions and the intermittent electricity black-outs implemented
by Eskom, the state power utility, adversely affecting production.
Uitkomst does have back-up generators but these are only sufficient
for underground mining operations. Uitkomst sold 42,686t (FY2022
Q1: 70,545t) of coal during the three months with a further 42,115t
(FY2022 Q1: 0t) at port and 24,312t (FY2022 Q1: 1,218t) at the
colliery at the end of the quarter. The coal sales and port
inventory volumes were augmented by the 22,169t at port at the
start of the September 2022 period and the inventory at port was
subsequently exported during October 2022. Uitkomst's sales
included 2,956t (FY2022 Q1: 5,872t) of high ash, lower value
middlings coal as well as sales under fixed price arrangements and
the volumes of these offtakes were reduced following the conclusion
of the Marketing Agreement.
The delays in shipping during the quarter, mainly caused by port
backlogs, resulted in elevated inventory levels at the end of
September 2022 and in terms of the Marketing Agreement, Uitkomst
received a prepayment of $4.0 million for coal transported to port
but not yet loaded onto a ship. The balance of the index-linked
revenue is due following shipment of the coal. Uitkomst's revenue/t
increased 24% in South African rand terms (R2,124/t vs. R1,578/t),
benefitting from the favorable export US dollar denominated API4
prices and the weakening ZAR:US$ exchange rate with the initial
shipment realising $166/t net of logistics, Overlooked commission
and export charges. The decline in sales volumes as well as
increased mining and energy costs resulted in production costs per
saleable tonne being 7% higher than the comparative period (FY2023
Q1: $82/t vs. FY2022 Q1: $76/t).
Quarter to end-Sep 2022 Quarter to end-Sep 2021 %
Production volumes
Uitkomst ROM (t) 126,053 120,260 7%
Inventory volumes
High quality duff and peas at site (t) 24,312 1,218 >100%
High quality duff and peas at port (t) 42,115 - 100%
72,316 1,218 >100%
Sales tonnages
High quality duff and peas (t) 39,730 64,673 (67%)
Middlings sales (t) 2,956 5,872 (4%)
42,686 70,545 (62%)
Quarter financial metrics
Revenue/t (US$) 125 108 16%
Revenue/t (ZAR) 2,124 1,578 35%
Production cost/saleable tonnes ($)^ 82 76 7%
---------------------------------------- ------------------------- ------------------------- -------
^ costs are all South African Rand based
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned)
The favourable economics of the Company's flagship Makhado
Project were confirmed in the April 2022 BFS and the development of
Makhado would deliver positive returns for shareholders and
position the Company as South Africa's pre-eminent hard coking coal
(HCC) producer. During the quarter, Minxcon expanded the BFS 'Base
Case' , assessing potential alternative development scenarios (at
pre-feasibility level) as well as the advantages of BOOT funding
elements of the Makhado CPP. The potential alternative development
scenarios were developed with a view to optimising capital
expenditure and reducing operational costs, including possibly:
1. moving the Vele CPP and modifying the plant at Makhado; or
2. the construction of a bespoke CPP at Makhado.
Both alternative development scenarios entail mining of the East
Pit, followed by the Central and West Pits and the hauling the
saleable coal only 72km from Makhado to the Musina siding. The BFS
Base Case included the hauling of crushed and screened Makhado coal
134km to the Vele CPP for processing, followed by the 55km
back-haul of saleable coal to the Musina siding. The additional two
scenarios resulted in improved project economics with higher NPV
and IRR values, primarily due to the exclusion of the trucking of
crushed and screened ROM coal. While the peak funding requirements
for both alternative scenarios are higher, the payback periods are
slightly shorter due to the lower operating costs detailed in the
table below (compiled by Minxcon).
Base Case Scenario Scenario
1: Move Vele 2: Build
CPP to Makhado new CPP at
Makhado
----------- ----------------
Construction capital ZAR625m ZAR1.1bn ZAR1.2bn
----------- ---------------- ------------
Peak funding ZAR727m ZAR1.2bn ZAR1.3bn
----------- ---------------- ------------
Construction period(1) 12 months 12 months 12 months
----------- ---------------- ------------
Long-term ZAR:US$ exchange ZAR15.47 ZAR15.47 ZAR15.47
rate used (2)
----------- ---------------- ------------
Benchmark real long-term premium US$212 US$212 US$212
HCC price/t (3)
----------- ---------------- ------------
Benchmark real long term API4 US$106 US$106 US$106
(6,000k/cal) thermal coal
price/t (4)
----------- ---------------- ------------
Post-tax IRR 39.6% 45.2% 41.0%
----------- ---------------- ------------
Post-tax NPV(6.1%) (5) ZAR4.0bn ZAR5.9bn ZAR5.8bn
----------- ---------------- ------------
Post-tax NPV(10%) ZAR2.5bn ZAR4.0bn ZAR3.8bn
----------- ---------------- ------------
Average payback period (years) 3.8 3.2 3.5
----------- ---------------- ------------
(1) Timelines to be confirmed during detailed design phase
(2) Average of ZAR17.54:US$1.00 for September 2022
(3) Average of $266/t for September 2022
(4) Average of $295/t for September 2022
(5) The 6.1% (real, after tax/ 10.9% nominal) discount rate
calculated by Minxcon was the optimal rate due to, inter alia, the
Company's financial position and macroeconomic factors.
The option of moving the Vele CPP (Scenario 1) provides the most
attractive financial metrics but removes the Vele asset from MC
Mining's portfolio, limiting future exploitation opportunities at
Vele. Construction of a new Makhado CPP provides similar results
but requires additional peak funding of ZAR145 million (US$8.9
million) while keeping the Vele CPP intact for future exploitation.
As a result, the MC Mining board has conditionally approved a
development strategy involving the construction of the Makhado CPP
(Scenario 2). In order to reduce the peak funding requirement,
Minxcon further assessed opportunities for BOOT arrangements for
the Makhado CPP. The BOOT (pre-feasibility level) funding
significantly reduced the peak funding requirement while the NPV
value remained similar but the IRR increased significantly from
41.0% to 61.6% for the new Makhado CPP option.
Makhado Project Funding
The Company continued the Makhado Project composite debt/equity
funding initiatives during the quarter and subsequently announced a
fully underwritten, renounceable A$40.0 million (ZAR451
million/US$27.6 million) Rights Issue. This will be completed in
early November 2022 and provides the cornerstone funding for
Makhado. The Rights Issue also satisfies a key condition for the
drawdown of the new ZAR245 million (US$40.0 million) new facility
from the IDC. This facility remains subject to due diligence and
credit approval.
The potential funding scenarios for the development of Makhado
are assessed in the table below.
Construction of Makhado CPP (no BOOT BOOT funded new Makhado CPP
funding)
Peak funding ZAR 1.3bn ZAR 653m
------------------------------------------- ----------------------------
Construction capital ZAR 1.2bn ZAR 1.2bn
------------------------------------------- ----------------------------
Underwritten rights offer (ZAR 451m) (ZAR 451m)
------------------------------------------- ----------------------------
Potential BOOT funding (ZAR 60m)(1) (ZAR 663m)(2)
------------------------------------------- ----------------------------
Indicative IDC debt funding (ZAR 245m) (ZAR 245m)
------------------------------------------- ----------------------------
Potential debt funding(3) (ZAR 344m) -
------------------------------------------- ----------------------------
Working capital funding (to peak funding) (ZAR 200) -
(3)
------------------------------------------- ----------------------------
Average payback period (years) 3.5 2.8
------------------------------------------- ----------------------------
(1) In-principle, non-binding BOOT funding proposal received
which is subject to signature of the formal agreement
(2) Not necessarily indicative of finance to be secured (assumes
100%)
(3) The Company is considering options in this regard
The Company appointed Erudite (Pty) Ltd (Erudite) to complete
the detailed study work that will allow for a full process plant
design specifically for the Makhado CPP. Erudite expects to
complete the study during December 2022. This study is also
required for potential additional BOOT funders to complete their
assessments. Minxcon confirmed that this engineering design work
could potentially materially reduce capital costs and consequently,
the peak funding requirement. The Company anticipates that the
balance of the Makhado Project funding will be concluded in Q1
CY2023 with early works construction also commencing during this
period.
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 Q4: no
LTIs). The Makhado BFS Base Case assumed the Vele CPP would be
refurbished and recommissioned as part of the development of
Makhado with the crushed and screened Makhado coal processed coal
at Vele. This would have required modifications to the Vele CPP of
approximately ZAR397 million (US$23.9 million).
The MC Mining Board approval to build a new CPP at Makhado thus
created optionality for the potential recommencement of operations
at Vele. The Company has previously reported that when market
conditions improve, the reopening of Vele would be considered and
options being evaluated include the possible outsourcing of
operations at the colliery. The Company is currently assessing
potential partnerships in this regard and any development model
that includes elements of outsourcing will reduce the start-up
working capital funding and prioritise resources on the development
of the flagship Makhado Project.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74%
owned)
GSP recorded no LTIs (FY2022 Q4: nil) during the quarter and no
reportable activities occurred during the period.
Rights Issue
During the quarter, the Company commenced with a fully
underwritten 1.012 for 1 renounceable Rights Issue at an issue
price of A$0.20 (US$0.14) in Australia (and New Zealand) and
ZAR2.36 in South Africa. The Rights issue was limited to Eligible
Shareholders in these three jurisdictions and will raise gross
proceeds of A$40 million (equivalent to approximately ZAR451
million / US$27.6 million) via the issue of approximately
200,026,728 New Shares (subject to rounding).
The Rights Issue is expected to be completed in early November
2022 and the net funds received will be used for the following
purposes:
-- to meet the Company's equity contribution required for the
IDC's proposed debt funding, in relation the development of
Makhado;
-- fund the continued development of the Makhado Project;
-- repayment of the ZAR60 million (approximately $3.7 million) of the Standby Loan Facility; and
-- for general working capital (including to pay the costs of the Rights Issue) purposes.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 30 September 2022 was $2.2
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 September 2022 quarter Appendix 5B was
$87k, comprising executive and non-executive director
remuneration.
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
Marion Brower 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%
---------------------------------- --------------------------------------------- ---------- ----------------------
* 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%
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END
UPDGCBDGUDXDGDB
(END) Dow Jones Newswires
October 31, 2022 05:30 ET (09:30 GMT)
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