TIDMMCM
RNS Number : 0907H
MC Mining Limited
30 July 2019
ANNOUNCEMENT 30 July 2019
REPORT FOR THE QUARTERED 30 JUNE 2019
MAKHADO PHASE 1 COAL OFF-TAKES AND DEBT FUNDING SECURED
MC Mining Limited ("MC Mining" or the "Company") which operates
in South Africa, together with its subsidiaries, hereby provides
its update for the three months ended 30 June 2019, the final
quarter (the "Quarter") of the Company's 2019 financial year. All
figures are denominated in United States dollars unless otherwise
stated[1]. 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.
Salient operational features
-- The various safety initiatives completed at the high-grade
Uitkomst metallurgical and thermal coal mine ("Uitkomst Colliery"
or "Uitkomst") yielded positive results and no lost-time injuries
("LTIs") were recorded during the Quarter (FY2019 Q3: three
LTIs);
-- Revised mining cycles implemented earlier in CY2019 resulted
in Uitkomst's run of mine ("ROM") coal production increasing from
the March 2019 period's 113,190 tonnes ("t") to 121,742t for the
Quarter, marginally lower than the comparable FY2018 Q4's
123,771t;
-- Sales of high-grade metallurgical and thermal coal derived
from Uitkomst ROM coal were 75,643t (FY2018 Q4: 90,509t) with the
comparative period's sales tonnages which were elevated due to
delays of sales in the March 2018 quarter which then took place in
the June 2018 quarter;
-- No sales of high-ash middlings product during the Quarter due
to train schedule delays, with inventory of over 2,500t at
Quarter-end railed to customers early in Q1 FY2020;
-- During the Quarter Uitkomst received a premium above API4
thermal coal prices for its sized coal, resulting in average
revenue per saleable tonne declining 27% to $71/t (FY2018 Q4:
$97/t), a smaller decline than the 33% year-on-year reduction in
the Richards Bay API4 export price;
-- As expected, no coal was purchased from third parties due to
supply contracts expiring in FY2018 (FY2018 Q4: 13,265t);
-- Conclusion of a hard coking coal ("HCC") off-take agreement
(the "Agreement") with ArcelorMittal South Africa Limited ("AMSA")
for the annual purchase of 350,000t to 450,000t of HCC that will be
produced at Phase 1 of the Makhado coking coal project ("Makhado
Project" or "Makhado");
-- Thermal coal off-take agreement signed with one of the
world's largest producers and marketers of bulk commodities for the
purchase of the Makhado Phase 1 by-product;
-- Dismissal of appeals against the Makhado Project
Environmental Authorisation ("EA") amendments, facilitating the
transport of coal by road rather than rail and reaffirming the
project's permitted status; and
-- Vele semi-soft coking and thermal coal colliery ("Vele
Colliery") remained on care and maintenance during the Quarter but
the Vele processing plant is expected to be refurbished and
recommissioned as part of Phase 1 of the Makhado Project.
Corporate and financial features
-- Premium HCC prices averaged $202/t during the Quarter (FY2018
Q4: $188/t) while API4 thermal coal prices declined from $100/t in
the comparable period to $67/t due to reduced demand;
-- Co-operation agreement signed with Haohua Energy
International (Hong Kong) ("HEI"), aligning substantial
shareholders' threshold to appoint directors to the MC Mining
board;
-- Negotiated settlement of the full outstanding Mooiplaats
thermal coal colliery ("Mooiplaats Colliery") sale proceeds
resulting in the receipt of $4.1 million during the Quarter,
contributing to the available cash at Quarter-end of $8.7 million
($4.7 million at the end of March 2019) with restricted cash of
$0.03 million; and
-- Subsequent to the Quarter-end, the Company received approval
by the Industrial Development Corporation of South Africa Limited
("IDC") Credit Committee of a term loan facility of R245 million
($17.5 million), which subject to finalisation of documentation, is
the initial step in the composite debt and equity funding package
for the construction of Phase 1 of the Makhado Project.
David Brown, CEO commented:
"The last three months of the 2019 financial year were very
successful for the Company and included the signature of off-take
agreements for the Makhado hard coking coal as well the thermal
coal by-product. South Africa produces significant quantities of
thermal coal but has very limited quantities of high-quality
metallurgical coal and the off-take with the country's largest
steel producer will result in the majority of Makhado Phase 1's
coking coal being sold domestically, replacing some coal imports.
The development of the Makhado Project will make MC Mining the
pre-eminent South African producer of hard coking coal which trades
at a significant premium to thermal coal and is a key ingredient
contributing to the manufacture of steel.
The long-term viability of Makhado's coking coal is supported by
global steel demand that is expected to grow over the next ten
years, with economic development and urbanisation driving increases
in per capita steel usage. Makhado Phase 1 has an internal rate of
return in excess 45%, generating significant near-term benefits for
shareholders. The development of the next phase of the project is
expected to yield approximately 1.7Mtpa of saleable coal, including
0.8Mtpa of hard coking coal once in production, with construction
anticipated in circa CY2022 funding and coal market dependent.
The South African government's dismissal of the appeal against
the Makhado EA amendment during the Quarter reinforces the
robustness of the project's permitting processes while the off-take
agreements reaffirmed the world-class quality of Makhado's coal and
satisfied a key requirement for funders. During July 2019 the IDC's
Credit Committee approved a term loan facility for Phase 1 of the
Makhado Project. Discussions with potential equity funders for the
balance of the Phase 1 funding are ongoing and we anticipate that
this process will be completed in Q3 CY2019, with construction
commencing later in the period.
The optimisation of mining cycles at Uitkomst Colliery
implemented in the March 2019 quarter yielded positive results and
ROM coal production is very similar to the coal mined in the
comparative three-months. Studies for the north adit extension
continued during the Quarter and the development thereof is
dependent on the granting of the water use license and subject to
regulatory approvals, the Company anticipates commencing in early
CY2020."
QUARTERLY COMMENTARY
Uitkomst Colliery - Utrecht Coalfields (70% owned)
Safety continued to be a key focus at Uitkomst and the colliery
recorded no LTIs during the Quarter (FY2019 Q3: three LTIs).
The re-organisation of underground mining operations via the
implementation of alternative shift programmes during the March
2019 quarter yielded improved results and ROM coal production was
similar to the comparable period in the previous financial year
(121,742t vs 123,771t) while no ROM coal was purchased from third
parties during the Quarter (FY2018 Q4: 13,265t) due to the expiry
of a coal supply agreement in the prior year. The ROM coal
generated high-grade metallurgical and thermal coal sales of
75,643t compared to 90,509t in the comparative quarter which were
elevated due to the inclusion of some of March 2018 quarter sales
that were delayed as a result of rain preventing access to site.
There were no sales of the high-ash middlings coal during the
Quarter due to train scheduling and at the end of June 2019,
Uitkomst had over 2,500t of this product on-hand (FY2018 Q4: 0t)
which was sold in July 2019.
Uitkomst's revenue was adversely affected by continued pressure
on international thermal coal prices during the Quarter and the
average API4 coal price was 33% lower than the same period in the
prior year ($67/t vs $100/t). The decline in coal prices was
somewhat offset by the premium Uitkomst received for sized coal and
the sales prices attained for this type of coal is expected to
prevail for the remainder of CY2019.
Quarter to Quarter to
end-June 2019 end-June 2018 %
Production tonnages
Uitkomst ROM (t) 121 742 123 771 (2%)
Purchased ROM to blend
(t) - 13 265 (100%)
121 742 137 036 (11%)
Sales tonnages
Own ROM (t) 75 643 90 509 (16%)
Purchased ROM to blend
(t) - 5 669 (100%)
75 643 96 178 (21%)
Quarter financial metrics
Revenue/t ($) 70.87 96.52 (27%)
Revenue/t (ZAR) 1 019 1 223 (17%)
Production cost/ROM tonnes
($)^ 48.90 48.00 2%
---------------------------- --------------- --------------- -------
^ costs are all South African Rand based
The Uitkomst Colliery has an estimated 15-years life-of-mine
("LOM") which includes the development of a north adit (horizontal
shaft). The colliery awaits the granting of the Integrated Water
Use License and anticipates that this will be granted in the
near-term with development of the north adit commencing in early
CY2020.
Makhado Hard Coking Coal Project - Soutpansberg Coalfield (69%
owned)
The Makhado Project recorded no LTIs (FY2019 Q3: nil) during the
Quarter.
Phase 1 of the Makhado Project entails the construction of the
west pit and trucking of scalped and screened ROM coal to the
existing, but to be modified Vele Colliery for final processing.
The development of Phase 1 has a low capex requirement and a short
construction phase, reducing the period for delivery of saleable
coal to market while utilising previously tested road and rail
infrastructure. The east and central pits will be developed in
Phase 2, producing approximately 4Mtpa of ROM coal that will yield
some 1.7Mtpa of saleable HCC and thermal coal.
Construction of the Phase 1 west pit and Vele Colliery plant
modifications will occur simultaneously and take nine months to
complete, followed by first coal sales in month ten. Phase 1 will
generate an estimated 3Mtpa of ROM coal producing approximately
0.54Mtpa of HCC and 0.57Mtpa of a thermal coal by-product and the
saleable coal will be transported to the Musina siding for railing
to customers.
South Africa has a very limited production of high-quality
metallurgical (coking) coal, resulting in AMSA and other coke
producers having to import HCC for the manufacture of metallurgical
coke, a key ingredient in the production of steel. The Agreement
signed with AMSA during the Quarter reaffirms the quality of
Makhado's HCC and sales prices are linked to a published,
international US dollar denominated HCC index. The off-take will
endure for the shorter of ten years or the Phase 1 LOM and AMSA
will purchase between 350,000t and 450,000t of Phase 1 HCC
annually.
MC Mining also concluded a coal Sale and Purchase Agreement for
the Phase 1 thermal coal by-product during the Quarter. This
off-take is with one of the world's largest producers and marketers
of bulk commodities and sales prices are linked to the API4 price,
expressed in US dollars.
The conclusion of the two off-take agreements allowed the
Company to progress the composite debt/equity funding initiatives
for Phase 1 and resulted in the July 2019 IDC Credit Committee
approval of a R245 million ($17.5 million) term loan facility to
fund the construction of the project. The equity portion of the
funding package is expected to be completed in Q3 CY2019.
The appeals against the Makhado EA amendments were dismissed
during the Quarter, allowing for the transportation of coal to
Musina by road rather than rail. These amendments were previously
approved by the Department of Mineral Resources ("DMR") and Limpopo
Department of Economic Development, Environment and Tourism and
confirms the Makhado Project's permitted status.
Vele Coking and Thermal Coal Colliery - Limpopo (Tuli) Coalfield
(100% owned)
The Vele Colliery remained on care and maintenance during the
Quarter and no LTIs were recorded during the period (FY2019 Q3:
nil).
There were no further developments to report during the Quarter
and the Vele processing plant is expected to be refurbished and
recommissioned as part of Phase 1 of the Makhado Project
Greater Soutpansberg Project - Soutpansberg Coalfield (74%
owned)
The Greater Soutpansberg Project ("GSP") recorded no LTIs
(FY2019 Q3: nil) during the Quarter.
The Chapudi, Mopane and Generaal Projects comprise MC Mining's
longer-term coking and thermal GSP. The GSP contains over 6.3
billion gross tonnes in situ of inferred coal resources[2] and
mining right applications for the three project areas were
submitted to the DMR during 2013. The Chapudi Project mining right
was granted in December 2018 and the Mopane and Generaal Project
mining right applications are at an advanced stage. The Company
continues to have regular interactions with the DMR and is hopeful
that the granting thereof will occur in the near future.
Corporate
HEI co-operation agreement
During the Quarter the Company signed a new co-operation
agreement with HEI, a wholly owned subsidiary of Shanghai-listed
Beijing Haohua Energy Resource Co. Limited, the largest exporter of
anthracite coal from China. The agreement facilitates a long-term,
mutually beneficial strategic partnership and aligns HEI's
threshold with other substantial shareholders eligible to have a
board seat. Mr Shangren Ding is HEI's current representative and
will remain on the board as their nominee and HEI will need to
maintain an interest of at least 5.4% to have the right to nominate
a director to the MC Mining board.
Mooiplaats disposal proceeds
The Company agreed to the sale of the Mooiplaats Colliery during
Q4 CY2017 for a total sale price of R179.9 million ($12.9 million)
and the initial sale proceeds of R67.0 million ($4.8 million) were
received. The balance of the purchase price of R112.9 million ($8.1
million) was due to be paid in ten equal quarterly instalments and
the first three of these instalments were subsequently received.
The significant decline in global thermal coal prices during the
last six months resulted in MC Mining de-risking the remaining
instalments and negotiating early settlement of the outstanding
balance, resulting in the Company receiving $4.1 million during the
Quarter, a 12% discount on the purchase price.
Markets
Continued tight global metallurgical coal supply resulted in
average premium HCC prices of $202/t during the Quarter (FY2018 Q4:
$188/t) and based on market fundamentals, long-term forecasts
continue to reflect favourable pricing. API4 thermal coal prices
remain under pressure and average prices reduced from FY2018 Q4's
$100/t to $67/t during the Quarter as a result of subdued demand in
parts of the northern hemisphere as well as competition from the
increased supply of 'cheaper' liquefied natural gas, also used as a
bulk energy source.
Authorised by
David Brown
Chief Executive Officer
This announcement is inside information for the purposes of
Article 7 of Regulation 596/2014.
For more information contact:
David Brown Chief Executive Officer MC Mining Limited +27 10 003 8000
Brenda Berlin Chief Financial Officer MC Mining Limited +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Financial PR
Jos Simson/ Gareth Tredway (United Kingdom) Tavistock +44 20 7920 3150
Ross Allister/David McKeown Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
Charmane Russell/Olwen Auret 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 coal),
Makhado Project (coking and thermal coal). Vele Colliery (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 do 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.
MC Mining has ensured that the mineral resources quoted are
subject to good governance arrangements and internal control. The
Company has engaged external independent consultants to update the
mineral resource in accordance with the JORC Code 2012 and SAMREC
2016. The units of measure in this report are metric, with Tonnes
(t) = 1,000kg. Technical information that requires subsequent
calculations to derive subtotals, totals and weighted averages may
involve a degree of rounding and consequently introduce an error.
Where such errors occur MC Mining does not consider them to be
material.
Coal Resources completed for the Greater Soutpansberg Project -
Mineral Resources:
MC Mining completed a review and update to its Mineral Resource
for the GSP during 2017. The review and verification was undertaken
by Venmyn Deloitte (Pty) Ltd, commissioned to prepare an
Independent Competent Persons report in accordance with the AIM
Rules. The Coal Resources for the GSP assets were estimated and
signed-off by MC Mining's Competent Person, Mr J Sparrow
(Pr.Sci.Nat.), MC Mining's Group Geologist.
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 and
Kalbara M27/41 Coolgardie^ 2.99%
----------------
M27/47 2.99%
-----------------------------------------------
M27/59 2.99%
M27/72,27/73 2.99%
M27/114 2.99%
M27/181 7.24%
M27/196 2.99%
M27/414,27/415 2.99%
P27/1826-1829 2.99%
P27/1830-1842 2.99%
P27/1887 2.99%
------------------------------- ----------------------------------------------- --------- ----------------------
Abbotshall Royalty ML63/409,410 Norseman^ Royalty
------------------------------ ------------------------------- ---------------- --------- ----------------------
Kookynie Royalty ML40/061 Leonora^ Royalty
------------------------------
ML40/135,136 Royalty
------------------------------ ------------------------------- ---------------- --------- ----------------------
Makhado Project Fripp 645 MS Limpopo 69%(#)
Lukin 643 MS 69%(#)
Mutamba 668 MS 69%(#)
Salaita 188 MT 69%(#)
Tanga 849 MS 69%(#)
Daru 848 MS 69%(#)
Windhoek 847 MS 69%(#)
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
prospects Kweekspruit 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
(Remaining Extent, 3, 4, 5,
Vele Colliery and prospects 6, 13, 14) Limpopo 100%
Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
------------------------------- ----------------------------------------------- --------- ----------------------
Certain portions of Unsurveyed
Tshikunda State Land known as Mutale Limpopo 60%
------------------------------ ------------------------------- ---------------- --------- ----------------------
* Form part of the Greater Soutpansberg Projects
- Lapsed - Mining Right Application Lodged
-- Valid - Mining Right Application Lodged
Tenement located in the Republic of South Africa
^ Tenement located in Australia
(#) MC Mining's interest will reduce to 69% on completion of the
26% Broad Based BEE transaction
[1] A ZAR:US$ exchange rate of R14.00:$1.00 has been used to
convert all Rand amounts included in this report
[2] The GSP independent Competent Persons Report can be found on
the Company's website:
http://www.mcmining.co.za/our-business/projects/gsp-mbeu-yashu
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END
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