ANNOUNCEMENT
30 April 2024
ACTIVITIES REPORT FOR THE
QUARTER ENDED 31 MARCH 2024 (FY2024 Q3)
FOR MC
Mining Limited (MC MINING OR THE COMPANY)
AND ITS SUBSIDIARY
COMPANIES
HIGHLIGHTS
Operations
·
Health and safety remains a priority and we
continue the goal to zero harm with one lost-time injury
(LTI) recorded during the
quarter (FY2024 Q2: nil LTIs);
·
Run-of-mine (ROM) coal production at the Uitkomst
steelmaking and thermal coal mine (Uitkomst Colliery or Uitkomst) was 14% higher than the March
2023 quarter at 115,909 tonnes (t) (FY2023 Q3: 101,616t);
·
Uitkomst sold 75,590t of high-grade coal during
the quarter (FY2023 Q3: 75,231t). No sales of lower grade middlings
coal (FY2023 Q3: 2,801);
·
Uitkomst had 5,763t (FY2023 Q3: 39,975t) of
high-grade coal inventories at the end of the quarter;
·
Limited activities at the Makhado steelmaking hard
coking coal project (Makhado
Project or Makhado)
during the quarter;
·
The downscaling of operations at the Vele Aluwani
Colliery (Vele Colliery or
Vele) was completed during
January 2024 and the Operation Shandukani optimisation strategy was
initiated during the period; and
·
Limited activities at the Greater Soutpansberg
Project (GSP).
Market Conditions
· Depressed international thermal coal prices continued with
average API4 index prices of US$97/t
for the three months, compared to US$116/t in Q2
FY2024 and US$146/t in Q3 of FY2023; and
· Premium steelmaking hard coking coal (HCC) prices, however, remained
elevated, averaging US$312/t for the quarter (FY2023 Q2:
US$280/t).
Corporate
· The Company received an A$0.16 off-market takeover
offer (Takeover Offer) from Goldway Capital Investment Limited (Goldway) for all of the shares in MC
Mining not already owned by associates of Goldway; and
· Available cash and facilities of US$2.2 million at the period
end (FY2024 Q2: US$3.4 million).
Events subsequent to the end
of the quarter
· Subsequent to the end of the quarter on 8 April 2024, the
Takeover Offer was declared unconditional, as Goldway had attained
a relevant interest of 83.67% of MC Mining's issued shares
(including shares already owned by associates of
Goldway);
· Conclusion of a term sheet between Uitkomst and Paladar
Resources Proprietary Limited
(Paladar)
for an initial three-month offtake, with the option to extend for a
further 12 months, for all of the high-quality coal produced by the
colliery;
· Resignation of Mr Khomotso Mosehla as Independent
Non-Executive Director of MC Mining on 19 April 2024;
and
· Resignation of Mr Nhlanhla Nene as Non-Executive Director and
Chairman of MC Mining on 26 April 2024.
Godfrey Gomwe, Managing
Director & Chief Executive Officer,
commented:
"The Uitkomst Colliery
turnaround plan continues
to yield very pleasing results, and ROM coal production
significantly exceeded the comparative period in 2023. Production
at the underground colliery remains challenging due to the
geological conditions and extended travel time to the mining areas
and unfortunately the mine recorded one lost-time injury during the
quarter. The international and domestic thermal coal markets remain
under pricing pressure and, during the period, the colliery
continued to assess alternative marketing strategies, resulting in
the signing of an offtake term sheet with Paladar in April
2024.
The Company was notified of the
Takeover Offer process during September 2023 following the receipt
of a non-binding indicative offer and the Bidder's Statement was
received in early February 2024. The takeover process adversely
impacted the progress of the Makhado Project. This included the
suspension of early works and early coal initiatives as well as the
managed tender processes for the selection and appointment of the
outsourced mining, plant and laboratory operators at Makhado. The
Takeover Offer also resulted in the cessation of funding activities
for the development of the project. Activities are expected to be
reinitiated once the Takeover Offer process is complete.
The outsource agent at the Vele
Colliery notified the Company during December 2023 that it intended
to downscale operations due to production challenges combined with
elevated logistics costs and depressed API4 coal prices. The
downscaling of operations at the Vele Colliery were completed in
January 2024 and the Company is working with the outsource
contractor to develop a production optimisation strategy for
Vele."
DETAILED QUARTERLY OPERATIONS
REPORTS
Uitkomst Colliery - Utrecht Coalfields (84%
owned)
One LTI was recorded during the
quarter (FY2024 Q2: nil LTIs) and the colliery has renewed its
focus on leading indicators to improve safety
performance.
Uitkomst produced 115,909t of ROM
coal during the quarter (FY2023 Q3: 101,616t). The 14% increase in
ROM coal production is due to the Operation Phenduka optimisation
plan implemented in June 2023. Uitkomst sold 75,590t (FY2023 Q3:
75,231t) of high-grade duff and peas coal during the quarter. The
fixed-price contract for the sale of high-ash, lower value
middlings coal expired during FY2023 Q4 and Uitkomst sold nil t
(FY2023 Q3: 2,801t) during the three months. The colliery had
5,763t (FY2023 Q3: 39,975t) of high-grade coal inventory at the end
of the quarter.
|
Quarter to end-Mar
2024
|
Quarter to end-Mar
2023
|
%â–²
|
Production
volumes
|
|
|
|
Uitkomst ROM (t)
|
115,909
|
101,616
|
14%
|
|
|
|
|
Inventory
volumes
|
|
|
|
High quality duff and peas
(t)
|
5,763
|
39,975
|
(86%)
|
Sales
tonnages
|
|
|
|
High quality duff and peas
(t)
|
75,590
|
75,231
|
0%
|
Middlings sales (t)
|
-
|
2,801
|
(100%)
|
|
75,590
|
78,032
|
(3%)
|
Quarter financial
metrics
|
|
|
|
Net revenue/t (US$)
|
80
|
70
|
14%
|
Net revenue/t (ZAR)
|
1,517
|
1,242
|
22%
|
Production cost/saleable tonne
(US$)^
|
69
|
65
|
6%
|
^
costs are all South African Rand (ZAR) based
The change in sales mix resulted in
revenue per tonne increasing by 14% compared to FY2023 Q3 despite
significantly lower API4 coal prices. The colliery's production
costs per saleable tonne increased by 6% to US$69/t (FY2023 Q3:
US$65/t).
International thermal coal prices
remained under pressure, with an average price of US$97/t during
the quarter, 34% lower than FY2023 Q3 (US$146/t). The depressed
international coal prices combined with the continued poor
performance of the state utility responsible for rail and port
logistics impacted Uitkomst's revenue generation. The lack of
reliable domestic rail transport has resulted in higher quality
coal that would normally be exported, being sold in the domestic
market.
These challenging market conditions
led to a reassessment of the colliery's marketing strategy and the
identification of potential partners who would reduce the
variability of Uitkomst's revenue and improve its working capital
cycle. Following this, Uitkomst signed a term sheet with Paladar in
April 2024. The salient features of the term sheet are:
·
Paladar will have the exclusive right to market
Uitkomst's high quality coal;
·
Initial three-month trial period from May to July
2024 with the joint ability to extend for a further 12 months (i.e.
to July 2025);
·
Fixed sales price for the trial period and
adjustments linked to the API4 price should the agreement be
extended;
·
Minimum price payable to Uitkomst should the API4
price decline significantly; and
·
Paladar will pay 90% of the invoice amount in the
week following production, with the remaining balance due a maximum
of 30 days later.
The Paladar term sheet is expected
be converted to a formal offtake agreement in FY2024 Q4.
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (67%
owned)
The development of the Company's
flagship fully licensed and shovel-ready Makhado Project is
expected to position MC Mining as South Africa's pre-eminent
steelmaking HCC producer. Makhado recorded no LTIs (FY2024 Q2: nil)
during the quarter.
The Makhado Project remains a significant strategic asset for the Company that has the potential to take
the Company's production profile to more than 800,000 tonnes per
annum of steelmaking HCC and will generate significant returns for
shareholders. Funding and development activities at Makhado were
suspended due to the Takeover Offer process and are expected to be
reinitiated when this process is completed at the end of April
2024.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery -
Limpopo (Tuli) Coalfield (100% owned)
Vele recorded no LTIs (FY2024 Q2:
nil) during the quarter.
The mining and processing operations
at the opencast Vele Colliery were outsourced to
Hlalethembeni Outsource Services Proprietary
Limited (HOS)
in late December 2022. HOS
experienced operational challenges in attaining the targeted monthly saleable coal
production while unit costs were adversely impacted by the lack of
access to rail capacity to transport Vele's coal to port. The
challenges experienced by HOS were exacerbated by the decline in
the API4 export thermal coal price during CY2023.
As a result, HOS exercised the
hardship clause in the outsource agreement during December 2023 and
commenced downscaling operations at Vele. The downscaling was
completed during January 2024. HOS subsequently initiated Operation
Shandukani, a production optimisation strategy. The evaluation of
these measures is expected to take place in FY2024 Q4 and is
expected to result in improved profitability at the
colliery.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield
(74% owned)
The Greater Soutpansberg Projects
recorded no LTIs (FY2024 Q1: nil) during the quarter. The Company
executed the mining rights for the Mopane and Generaal project
areas during Q2 FY2024. The execution of the Chapudi mining right
is at an advanced stage and is expected to be completed during Q4
FY2024. The studies required for the environmental and water use
licences are expected to commence during H2 CY2024.
Takeover Offer
Following receipt of a Notice of
Intention to make a Takeover Offer and a Revised Non-Binding and
Indicative Proposal in September 2023, Goldway lodged a Bidder's
Statement on 2 February 2024. The Bidder's Statement detailed the
terms and conditions of the off-market Takeover Offer by Goldway,
representing a consortium of joint bidders.
The joint bidders include Senosi
Group Investment Holdings Proprietary Limited and Dendocept
Proprietary Limited and certain other shareholders and associates
who represented, in aggregate, 64.3% of the issued capital in the
Company (together, the Consortium). The Takeover Offer
was made by Goldway which proposed to acquire all the MC Mining
shares that the Consortium currently did not own.
The Takeover Offer was at a cash price of
A$0.16 / ZAR 1.96068 / GBP0.08336 per
share.
The Takeover Offer was declared
unconditional on 8 April 2024 as the Consortium had received
acceptances for a relevant interest of 83.67% of the Company's
issued shares (including shares already held by Goldway). As a
result, the Takeover Offer was successful, and the Takeover Offer
period was extended to 21 April 2024. Following this, Goldway
announced on 23 April 2024 that, together with acceptances
received, their relevant interest represented 93.05% of the
Company's issued shares. The Takeover Offer process is expected to
be completed on 30 April 2024.
Appendix 5B - Quarterly Cash Flow Report
The Company's available cash balance
and facilities as at 31 March 2024 were US$2.2 million. The
aggregate amount of payments to related parties and their
associates, as disclosed as item 6.1 of the March 2024 quarter
Appendix 5B, was US$356k, 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
|
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Company advisers:
|
|
|
|
|
Richard Johnson / Rob
Patrick
|
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
|
|
BSM Sponsors Proprietary Limited is
the nominated JSE Sponsor
|
|
|
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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.
Glossary
Term
|
Definition
|
Consortium
|
Goldway and its associates
representing 64.3% of the issued share capital of MC
Mining
|
GSP
|
Greater Soutpansberg
Projects
|
Goldway
|
Goldway Capital Investment
Limited
|
HCC
|
Hard coking coal
|
HOS
|
Hlalethembeni Outsource Services
Proprietary Limited
|
IDC
|
Industrial Development Corporation
of South Africa Limited
|
LTI
|
Lost time injury
|
Makhado Project/ Makhado
|
Makhado steelmaking hard coking coal
project
|
MC Mining/ the Company
|
MC Mining Limited
|
Paladar
|
Paladar Resources Proprietary
Limited
|
ROM
|
Run of mine
|
t
|
tonnes
|
Takeover Offer
|
Off-market takeover offer of all of
the shares not owned by Goldway or its associates
|
Uitkomst Colliery/
Uitkomst
|
Uitkomst metallurgical and thermal
coal mine
|
Vele Colliery/Vele
|
Vele Aluwani Colliery
|
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
|
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74%
|
|
|
Sutherland 693 MS
|
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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%
|
|
|
M27/414,27/415
|
Royalty<>
|
|
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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%#
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Lukin 643 MS
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67%#
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Mutamba 668 MS
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67%#
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|
|
Salaita 188 MT
|
|
67%#
|
|
|
Tanga 849 MS
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|
67%#
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|
|
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
prospects
|
Portion 3 (of 2) of Kweekspruit No.
22
|
KwaZulu-Natal~
|
84%
|
|
Portion 8 (of 1) of Kweekspruit No.
22
|
84%
|
|
Remainder of Portion 1 of Uitkomst
No. 95
|
|
84%
|
|
|
Portion 5 (of 2) of Uitkomst No.
95
|
|
84%
|
|
|
Remainder Portion1 of Vaalbank No.
103
|
|
84%
|
|
|
Portion 4 (of 1) of Vaalbank No.
103
|
|
84%
|
|
|
Portion 5 (of 1) of Vaalbank No.
103
|
|
84%
|
|
|
Remainder of Portion 1 of
Rustverwacht No. 151
|
|
84%
|
|
|
Remainder of Portion 2 of
Rustverwacht No. 151
|
|
84%
|
|
|
Remainder of Portion 3 (of 1) of
Rustverwacht No. 151
|
|
84%
|
|
|
Portion 4 (of 1) Rustverwacht
No.151
|
|
84%
|
|
|
Portion 5 (of 1) Rustverwacht No.
151
|
|
84%
|
|
|
Remainder of Portion 6 (of 1) of
Rustverwacht No. 151
|
|
84%
|
|
|
Portion 7 (of 1) of Rustverwacht No.
151
|
|
84%
|
|
|
Portion 8 (of 2) of Rustverwacht No.
151
|
|
84%
|
|
|
Remainder of Portion 9 (of 2) of
Rustverwacht No. 151
|
|
84%
|
|
|
Portion 11 (of 6) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 12 (of 9) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 13 (of 2) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 14 (of 2) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 15 (of 3) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 16 (of 3) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 17 (of 2) of Rustverwacht
No. 151
|
|
84%
|
|
|
Portion 18 (of 3) of Waterval No.
157
|
|
84%
|
|
|
Remainder of Portion 1 of Klipspruit
No. 178
|
|
84%
|
|
|
Remainder of Portion 4 of Klipspruit
No. 178
|
|
84%
|
|
|
Remainder of Portion 5 of Klipspruit
No. 178
|
|
84%
|
|
|
Portion 6 of Klipspruit No.
178
|
|
84%
|
|
|
Portion 7 (of 1) of Klipspruit No.
178
|
|
84%
|
|
|
Portion 8 (of 1 )of Klipspruit No.
178
|
|
84%
|
|
|
Portion 9 of Klipspruit No.
178
|
|
84%
|
|
|
Remainder of Portion 10 (of 5) of
Klipspruit No. 178
|
|
84%
|
|
|
Portion 11 (of 5) of Klipspruit No.
178
|
|
84%
|
|
|
Portion 13 (of 4) of Klipspruit No.
178
|
|
84%
|
|
|
Remainder of Portion 14 of
Klipspruit No. 178
|
|
84%
|
|
|
Portion 16 (of 14) of Klipspruit No.
178
|
|
84%
|
|
|
Portion 18 of Klipspruit No.
178
|
|
84%
|
|
|
Portion 23 of Klipspruit No.
178
|
|
84%
|
|
|
Remainder of Portion 1 of
Jackalsdraai No. 299
|
|
84%
|
|
|
Remainder of Jericho B No.
400
|
|
84%
|
|
|
Portion 1 of Jericho B No.
400
|
|
84%
|
|
|
Portion 2 of Jericho B No.
400
|
|
84%
|
|
|
Portion 3 of Jericho B No.
400
|
|
84%
|
|
|
Remainder of Jericho C No.
413
|
|
84%
|
|
|
Portion 1 of Jericho C No.
413
|
|
84%
|
|
|
Remainder of Portion 1 of Jericho A
No. 414
|
|
84%
|
|
|
Remainder of Portion 2 (of 1) of
Jericho A No. 414
|
|
84%
|
|
|
Portion 3 (of 1) of Jericho A No.
414
|
|
84%
|
|
|
Portion 4 (of 1) of Jericho A No.
414
|
|
84%
|
|
|
Portion 5 (of 2) of Jericho A No.
414
|
|
84%
|
|
|
Portion 6 (of 1) of Jericho A No.
414
|
|
84%
|
|
|
Margin No. 420
|
|
84%
|
|
Vele Colliery and
prospects
|
Portions of Overvlakte 125 MS
(Remaining Extent, 3, 4, 5, 6, 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%