TIDMMCM
RNS Number : 3838O
MC Mining Limited
31 January 2023
ANNOUNCEMENT 31 January 2023
ACTIVITIES REPORT FOR THE QUARTERED 31 DECEMBER 2022
FOR
MC Mining Limited (" MC Mining" or the "Company")
and its subsidiary companies
HIGHLIGHTS
Operations
-- Health and safety remains a priority and we continue to make
progress despite two lost-time injuries (LTIs) recorded during the
quarter (FY2023 Q1: one LTI);
-- Run-of-mine (ROM) coal production at the Uitkomst
metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst)
was 7% lower than the December 2021 quarter at 99,336 tonnes (t)
(FY2022 Q2: 107,188t). Production was adversely affected by
geological conditions as well as national electricity blackouts
interrupting underground mining operations;
-- The Company recorded 56,817 t of coal sales during the
quarter (FY2022 Q2: 49,063t), comprising 13,095t (FY2022 Q2:
43,280t) of high-grade domestic coal sales, 2,975t (FY2022 Q2:
5,783t) of lower grade middlings coal and coal exports of 40,747t
(FY2022 Q2: nil t).
-- Uitkomst had 27,058t (FY2022 Q2: 10,803t) of high-grade coal
at the colliery and a strong export pipeline of 36,764t of stock
(FY2022 Q2: nil t) at port at the end of the quarter;
-- Coal Sales & Marketing Agreement (Marketing Agreement)
with Overlooked (Proprietary) Limited (Overlooked) extended to 30
June 2023;
-- Buy-back of a 14% interest in Uitkomst held by a minority
black economic empowerment partner, increasing MC Mining's interest
in the colliery to 84% and ensuring the colliery satisfies the
'once empowered, always empowered' principle;
-- Detailed planning and fund-raising initiatives for the
Makhado hard coking coal project (Makhado Project or Makhado)
continued during the quarter; and
-- Conclusion of a Contract Mining Agreement (the Mining
Agreement) with Hlalethembeni Outsourcing Services (Pty) Ltd (HOS)
to recommission, upgrade and operate the Company's Vele Aluwani
Colliery (Vele or the Vele Colliery). This resulted in the
recommissioning of the Vele Colliery coal processing plant (CPP)
during the quarter .
Corporate
o Completion of a A$40 million fully underwritten renounceable
rights issue (Rights Issue) through the issue of 200,026,719 new
ordinary shares;
o The ZAR60 million (US$3.5 million) owing to Dendocept (Pty)
Ltd (Dendocept) in terms of the previously announced Standby Loan
Facility, was settled as part of the Rights Issue;
o Repayment of the remaining ZAR10 million (US$0.2 million) loan
owing to the Senosi Group Investment Holdings (Proprietary)
Limited;
o The Industrial Development Corporation of South Africa Limited
(IDC) agreed to extend the repayment date for the existing ZAR160
million (US$9.4 million) loan, plus accrued interest, to 30 June
2023; and
o Available cash and facilities at quarter-end of US$20.2
million (US$2.2 million at 30 September 2022) and restricted cash
of US$0.03 million.
Godfrey Gomwe, Managing Director & Chief Executive Officer,
commented:
"The Company made pleasing progress during the December 2022
quarter. The most notable achievements being the completion of the
A$40 million Rights Issue, the recommencement of operations at the
Vele Colliery and the extension of the Marketing Agreement with
Overlooked.
The completion of the Rights Issue confirmed the continued
robust support of our anchor shareholders and provided an
opportunity for new equity investors to participate in the
Company's maturing growth strategy. This was completed despite the
current volatile market and uncertain economic environment. The
additional capital has transformed the Company's balance sheet and
is a further key milestone towards the complete financing of the
flagship Makhado Project and the positioning of MC Mining as the
only large scale producer of hard coking coal in South Africa.
The Makhado CPP optimisation study was completed during the
period. This will potentially increase the Makhado CPP annual ROM
feed capacity from 3 million tonnes per annum to 4 million tonnes
per annum and will be used in the detailed CPP and infrastructure
design work as well as revised mine plans. These are expected to be
completed during Q1 CY2023. Following this, the Company's directors
approved expenditure of ZAR71.3 million (US$4.1 million) on early
works at Makhado and this is expected to commence in early CY2023.
The funding initiatives for Makhado continued during the period and
t hese initiatives are expected to be finalised in first half of
CY2023.
The Vele Colliery had been on care and maintenance for almost
ten years and during this time the Company assessed various
strategies to utilise the asset. During December 2022, the Company
signed the Mining Agreement with HOS and first coal sales from Vele
are expected in Q1 CY2023. The cash generated will be used for
Group general working capital requirements and can also potentially
contribute funding for the construction of Makhado. The
recommissioning will create approximately 245 permanent job
positions and the resumption of production at Vele will also
alleviate any 'use it or lose it' risk associated with unutilised
mining assets in South Africa."
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery - Utrecht Coalfields (84% owned)
Two LTIs were recorded during the quarter (FY2023 Q1: one
LTI).
The Uitkomst Colliery generated 99,336t of ROM coal during the
quarter (FY2022 Q2: 107,188t) with production adversely affected by
challenging geological conditions and frequent electricity
blackouts implemented by Eskom, the state power utility. Uitkomst
does have back-up diesel generators with limited capacity and are
only sufficient for underground mining operations. The switch from
Eskom to internally generated power does result in operational
delays within the mining activities while the increased use of
generators and high cost of diesel has had a detrimental effect on
mining costs.
Uitkomst sold 53,842t (FY2022 Q2: 43,280t) of high-grade pea and
duff-sized coal during the three months, comprising 40,747t
exported from Durban (FY2022 Q2: nil t) and 13,095t (FY2022 Q2:
43,280t) to domestic customers. The export coal sales volumes
included most of the 42,115t at port at the start of the December
2022 period for which Uitkomst early received export revenue of
US$4.0 million in Q1 FY2023 compared to early export receipts of
US$1.5 million in Q2 FY2023. Uitkomst also sold 2,975t (FY2022 Q2:
5,783t) of high ash, lower value middlings coal under fixed price
arrangements. The colliery had 36,764t (FY2022 Q2: nil t) at port
and 27,058t (FY2022 Q2: 10,803t) on site at the end of the quarter
with the almost all of the coal at port sold during January
2023.
During the quarter, Uitkomst realized an average export sales
price of US$220/t. However, the net revenue per tonne was adversely
affected by high logistics, port, demurrage and export related
charges of approximately US$70/t as well as lower priced, ZAR
denominated domestic sales. This yielded net revenue per tonne of
US$129/t (FY2022 Q2: 111/t).
The production costs per saleable tonne were 5% lower than the
comparative period (FY2023 Q2: US$93/t vs. FY2022 Q2: US$98/t) with
the higher sales volumes largely offsetting the 14% weakening of
the rand. The ZAR denominated production cost per saleable tonne
have been adversely affected by inflationary pressures as well as
higher energy costs when the underground mining area uses diesel
during blackout periods. Processing costs increased due to
increased overtime incurred at the Uitkomst CPP.
Quarter to end-Dec 2022 Quarter to end-Dec 2021 %
Production volumes
Uitkomst ROM (t) 99,336 107,188 (7%)
Inventory volumes
High quality duff and peas at site (t) 27,058 10,803 >100%
High quality duff and peas at port (t) 36,764 - 100%
63,822 10,803 >100%
Sales tonnages
Domestic high quality duff and peas (t) 13,095 43,280 (70%)
Export high quality duff and peas (t) 40,747 - 100%
Middlings sales (t) 2,975 5,783 (49%)
56,817 49,063 16%
Quarter financial metrics
Net revenue/t (US$) 129 111 16%
Net revenue/t (ZAR) 2,279 1,720 32%
Production cost/saleable tonnes (US$)^ 93 98 (5%)
----------------------------------------- ------------------------- ------------------------- -------
^ costs are all South African rand based
The initial six-month Marketing Agreement with Overlooked was
due to expire on 31 December 2022 and was extended to 30 June 2023
during the quarter. The key terms of the Marketing Agreement
remain, allowing Uitkomst the opportunity to sell the majority of
its coal at prices linked to international coal indexes rather than
at floating and fixed price domestic prices.
MC Mining also increased its interest in the Uitkomst Colliery
during the period when it bought back the 14% belonging to a black
industrialist shareholder, for US$511k. This transaction ensures
that Uitkomst qualifies under the 'once empowered, always
empowered' principle associated with mining rights.
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned)
The development of the Company's flagship Makhado Project is
expected to deliver positive returns for shareholders and position
MC Mining as South Africa's pre-eminent hard coking coal (HCC)
producer.
The Company appointed Erudite (Pty) Ltd (Erudite) to complete
the detailed planning for a full process plant design for the
Makhado CPP. Erudite expects to complete the panning during Q1
CY2023 and this plan is also required by potential additional
funders to complete their assessments. The Company has also
employed independent consultants to review the Makhado mine plan
and this forms part of the detailed execution plan.
MC Mining's directors approved the commencement of early works
at Makhado and the Company allocated ZAR71.3 million (US$4.1
million) to this. The early works are planned to commence in
February 2023 and include amongst others, a bridge and internal
roads, initial bulk earthworks, site security and communication
infrastructure.
Makhado Project Funding
The IDC is a 6.7% shareholder in MC Mining subsidiary, Baobab
Mining & Exploration (Pty) Ltd, the owner of the Makhado
Project and the bank continues to provide financial support for the
development of the Makhado Project. MC Mining previously utilised
the existing IDC loan facility to develop the project and during
the quarter, the IDC extended the date for repayment of the ZAR160
million loan (US$9.4 million) plus interest thereon, as well as the
terminal draw down date of the additional ZAR245 million (US$14.4
million) loan facility, to 30 June 2023. Draw down of the
additional ZAR245 million (US$14.4 million) loan facility remains
subject to the IDC confirming its due diligence and credit
approval.
The Company continued the Makhado Project composite funding
initiatives during the quarter and anticipates that the balance of
the funding will be concluded in the first half of CY2023. The
various initiatives underway include amongst others, build, own,
operate, transfer (BOOT) funding arrangements, additional senior
debt as well as debt/equity instruments and coal prepayments.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery -
Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2023 Q1: nil) during the quarter.
The Vele Colliery had been on care and maintenance for almost
ten years and during this period the Company assessed various
strategies to utilise the asset. This confirmed the significant
capital and technical investment required to optimise production at
the colliery. With the increase in coal prices, the outsourcing of
operations at Vele was identified as the optimal strategy as this
would secure the necessary investment from a third party to modify
the CPP and remove a significant portion of the ongoing costs
associated with the colliery. This resulted in the conclusion of
the Mining Agreement with HOS during the quarter.
In terms of the Mining Agreement, HOS will undertake mining in
terms of an agreed mine plan on an exclusive basis until 22
December 2027. HOS is targeting monthly production of 60,000t of
saleable thermal coal from Vele and is responsible for all mining
and processing costs. The Company remains responsible for the
colliery's regulatory compliance, rehabilitation guarantees,
relationships with authorities and communities as well as the
supply of electricity and water.
HOS recommissioned the Vele CPP in late December 2022 and first
coal sales are expected in Q1 CY2023 with ramp-up to full
production during Q2 CY2023. The recommissioning adds a further
cash generating unit to MC Mining's portfolio with limited
financial or human capital contributions, potentially contributes
funding for Makhado, creates approximately 245 permanent job
positions and also alleviates any 'use it or lose it' risk
associated with unutilised mining assets in South Africa.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74%
owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q1:
nil) during the quarter and no reportable activities occurred
during the period.
Fully Underwritten Rights Issue
During the quarter, the Company completed the Rights Issue to
investors in South Africa, Australia and New Zealand, raising A$40
million (before costs). The net proceeds are being used as
follows:
-- 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 US$3.5 million)
of the Dendocept Standby Loan Facility; and
-- for general working capital purposes.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 31 December 2022 was US$20.2
million with available facilities of US$0.3 million. The aggregate
amount of payments to related parties and their associates, as
disclosed as item 6.1 of the December 2022 quarter Appendix 5B was
US$59k, 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 8 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 5.99% (0.80%)
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 84% 14%
Portion 8 (of 1) of Kweekspruit
No. 22 84% 14%
Remainder of Portion 1 of
Uitkomst No. 95 84% 14%
Portion 5 (of 2) of Uitkomst No.
95 84% 14%
Remainder Portion1 of Vaalbank
No. 103 84% 14%
Portion 4 (of 1) of Vaalbank No.
103 84% 14%
Portion 5 (of 1) of Vaalbank No.
103 84% 14%
Remainder of Portion 1 of
Rustverwacht No. 151 84% 14%
Remainder of Portion 2 of
Rustverwacht No. 151 84% 14%
Remainder of Portion 3 (of 1) of
Rustverwacht No. 151 84% 14%
Portion 4 (of 1) Rustverwacht
No.151 84% 14%
Portion 5 (of 1) Rustverwacht No.
151 84% 14%
Remainder of Portion 6 (of 1) of
Rustverwacht No. 151 84% 14%
Portion 7 (of 1) of Rustverwacht
No. 151 84% 14%
Portion 8 (of 2) of Rustverwacht
No. 151 84% 14%
Remainder of Portion 9 (of 2) of
Rustverwacht No. 151 84% 14%
Portion 11 (of 6) of Rustverwacht
No. 151 84% 14%
Portion 12 (of 9) of Rustverwacht
No. 151 84% 14%
Portion 13 (of 2) of Rustverwacht
No. 151 84% 14%
Portion 14 (of 2) of Rustverwacht
No. 151 84% 14%
Portion 15 (of 3) of Rustverwacht
No. 151 84% 14%
Portion 16 (of 3) of Rustverwacht
No. 151 84% 14%
Portion 17 (of 2) of Rustverwacht
No. 151 84% 14%
Portion 18 (of 3) of Waterval No.
157 84% 14%
Remainder of Portion 1 of
Klipspruit No. 178 84% 14%
Remainder of Portion 4 of
Klipspruit No. 178 84% 14%
Remainder of Portion 5 of
Klipspruit No. 178 84% 14%
Portion 6 of Klipspruit No. 178 84% 14%
Portion 7 (of 1) of Klipspruit
No. 178 84% 14%
Portion 8 (of 1 )of Klipspruit
No. 178 84% 14%
Portion 9 of Klipspruit No. 178 84% 14%
Remainder of Portion 10 (of 5) of
Klipspruit No. 178 84% 14%
Portion 11 (of 5) of Klipspruit
No. 178 84% 14%
Portion 13 (of 4) of Klipspruit
No. 178 84% 14%
Remainder of Portion 14 of
Klipspruit No. 178 84% 14%
Portion 16 (of 14) of Klipspruit
No. 178 84% 14%
Portion 18 of Klipspruit No. 178 84% 14%
Portion 23 of Klipspruit No. 178 84% 14%
Remainder of Portion 1 of
Jackalsdraai No. 299 84% 14%
Remainder of Jericho B No. 400 84% 14%
Portion 1 of Jericho B No. 400 84% 14%
Portion 2 of Jericho B No. 400 84% 14%
Portion 3 of Jericho B No. 400 84% 14%
Remainder of Jericho C No. 413 84% 14%
Portion 1 of Jericho C No. 413 84% 14%
Remainder of Portion 1 of Jericho
A No. 414 84% 14%
Remainder of Portion 2 (of 1) of
Jericho A No. 414 84% 14%
Portion 3 (of 1) of Jericho A No.
414 84% 14%
Portion 4 (of 1) of Jericho A No.
414 84% 14%
Portion 5 (of 2) of Jericho A No.
414 84% 14%
Portion 6 (of 1) of Jericho A No.
414 84% 14%
Margin No. 420 84% 14%
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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January 31, 2023 02:30 ET (07:30 GMT)
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