MC Mining Limited IDC Loan Update (2426I)
December 01 2022 - 4:00AM
UK Regulatory
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RNS Number : 2426I
MC Mining Limited
01 December 2022
ANNOUNCEMENT 1 December 2022
IDC LOAN UPDATE
MC Mining Limited (MC Mining or the Company) is pleased to
announce that the Industrial Development Corporation of South
Africa Limited (the IDC) has extended the date for repayment of the
R160 million loan ($9.4 million) plus interest thereon and the
terminal draw down date of the additional R245 million ($14.4
million) loan facility for the development of the Makhado hard
coking coal project (Makhado Project or Makhado), to 30 June 2023.
Draw down of the additional R245 million ($14.4 million) loan
facility remains subject to the IDC confirming its due diligence
and credit approval.
As announced on 28 January 2022, repayment of the R160 million
loan, plus accrued interest, was due for repayment by 30 November
2022.
The IDC continues to provide support for the development of the
Company's flagship, fully permitted Makhado Project. The IDC holds
6.7% equity in the project via its interest in Baobab Mining &
Exploration (Pty) Ltd (a subsidiary of MC Mining), the owner of
Makhado.
Background
The Makhado Project has a life of mine in excess of 22 years and
robust fundamentals, resulting in compelling economics. The
development of Makhado will position MC Mining as South Africa's
pre-eminent hard coking coal producer and is expected to deliver
positive returns for shareholders. The Company is progressing the
initiatives to secure the funds required to develop the project
which will create an estimated 650 permanent job opportunities and
reduce the current imports of hard coking coal.
Godfrey Gomwe
Managing Director & 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 Regulation 596/2014, as it forms part of UK
domestic law by virtue of the European Union (Withdrawal) Act 2018,
as amended.
All figures are in South African rand or United States dollars
unless otherwise stated.
For more information contact:
Endeavour Corporate
Tony Bevan Company Secretary Services +61 08 9316 9100
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James Harris/
James Dance Nominated Adviser Strand Hanson Limited +44 20 7409 3494
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Rory Scott Broker (AIM) Tennyson Securities +44 20 7186 9031
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Financial PR
Marion Brower (SA) R&A Strategic Communications +27 11 880 3924
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Investec Bank Limited is the nominated JSE Sponsor
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About MC Mining
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.
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END
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