REG - MC Mining Limited - ACTIVITIES REPORT FOR QUARTER ENDED 30 JUNE 2023
31/07/2023 09:45
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RNS Number : 7305H MC Mining Limited 31 July 2023
ANNOUNCEMENT
31 July 2023
ACTIVITIES REPORT FOR THE QUARTER ENDED 30 JUNE 2023
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 Q3:
one LTI);
· Run-of-mine (ROM) coal production at the Uitkomst metallurgical and
thermal coal mine (Uitkomst Colliery or Uitkomst) was 1% lower than the June
2022 quarter at 118,469 tonnes (t) (FY2022 Q4: 119,005t). Production was
impacted by difficult geological conditions and regular electricity blackouts
interrupting operations at the colliery;
o Uitkomst recorded 53,489t of coal sales during the quarter (FY2022 Q4:
34,126t), comprising 51,036t (FY2022 Q4: 28,360t) of high-grade domestic coal
sales and 2,453t (FY2022 Q4: 5,766t) of lower grade middlings coal;
o Uitkomst had 50,491t (FY2022 Q4: 15,534t) of high-grade coal at the
colliery and 4,872t (FY2022 Q4: 22,169t) at port at the end of the quarter;
· Updated Life of Mine (LOM) plan and Coal Reserve estimate for the
fully-licensed and shovel-ready Makhado steelmaking hard coking coal (HCC)
project (Makhado Project or Makhado), significantly increasing the LOM and
improving the project's economics;
o Compared to the 30 August 2022 announcement of pre-feasibility studies,
Coal Reserves 1 increased 53%, saleable steelmaking HCC increased 64% and
saleable thermal coal increased by 57%;
o The updated LOM plan resulted in a 25% higher annual mine production rate
with a 21.2% yield of saleable steelmaking HCC and 17.6% yield of 5,500kcal
thermal coal (previously 19.8% and 17.2% respectively), delivering improved
project financial returns;
o Commencement of managed tender processes to select the outsourced mining,
plant and laboratory operators, which are expected to be completed during Q3
CY2023;
o Steady progress during the quarter on critical early works activities; and
· Continued ramp-up of mining and processing at the outsourced Vele
Aluwani Colliery (Vele Colliery or Vele) following the recommissioning of the
mine in December 2022; the outsourced agent produced 48,092t (FY2022 Q4: nil
t) of thermal coal during the quarter.
Corporate
· Benchmark API4 export thermal coal prices continued to decline,
averaging US$115/t in the quarter compared to US$146/t in Q3 FY2023 and
US$273/t in H1 of FY2022. Steelmaking HCC prices remained elevated, with the
index-price averaging US$250/t for the quarter.
· Available cash and facilities of US$8.8 million comprising cash of
US$7.5 million and facilities of US$1.3 million at quarter-end (net cash
balance of US$14.1 million at 31 March 2023) and restricted cash of US$0.02
million (US$0.02 million at 31 March 2023).
Events post June 2023
· Extension of the repayment date for the R160 million loan (US$8.9
million), plus interest thereon, by the Industrial Development Corporation of
South Africa Limited (the IDC), to 30 September 2023. The IDC withdrew the
conditional, undrawn R245 million (US$13.6 million) loan facility, which had
been available since July 2019, subject to completion of due diligence and
credit approval. The change of the project scope resulting in Makhado's peak
funding increasing to R1.8 billion, made this facility redundant.
Godfrey Gomwe, Managing Director & Chief Executive Officer, commented:
"MC Mining has made significant progress on the Makhado Project during the
quarter. The completion of a five-year Makhado Implementation Plan was
augmented by the substantial increase in Coal Reserves and mine life at
much-improved annual production rates. This progress bodes well for moving
operations down the cost curve while aiming to take advantage of the
favourable near-term steelmaking HCC coal prices.
The Makhado early works activities continued during the quarter with funding
activities expected to be concluded in H2 CY2023. The managed tender
processes to select the outsourced mining, plant and laboratory operators also
commenced during the quarter. We are excited to have strong contenders to be
our partners and these processes are expected to be completed during Q3
CY2023.
The Uitkomst colliery continues to be impacted by the increased incidents of
electricity blackouts implemented by Eskom, the state power utility.
Production at the colliery requires extended travel time to the underground
mining areas and a revised shift system to increase mining time was
implemented during June 2023. I am pleased to report that initial results of
the new shift system recorded favourable improvements in daily ROM coal
production. Uitkomst is assessing potential additional international and
domestic customers to optimise prices for the colliery's premium product.
The ramp-up of operations at the outsourced Vele Colliery continued during the
quarter and the contractor is expected to be at full production during H2
CY2023."
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery - Utrecht Coalfields (84% owned)
One LTI was recorded during the quarter (FY2023 Q3: one LTI) and the mine has
enhanced its focus on leading indicators to deliver improvements in safety
with the goal of zero harm.
The Uitkomst Colliery generated 118,469t of ROM coal during the quarter
(FY2022 Q4: 119,005t) with production adversely affected by challenging
geological conditions and lower seam heights. The implementation of daily
electricity blackouts by Eskom also impacted operations at the colliery.
Uitkomst does have back-up diesel generators but these are only sufficient for
underground mining operations and the switch from Eskom to internally
generated power affects both underground and surface operations. The continued
use of the generators for the underground mining activities and high cost of
diesel is impacting mining costs. A revised underground operating shift system
was implemented at Uitkomst during June 2023. This is designed to increase
mining time, yielding additional ROM coal production leading to improved
volumes of saleable coal.
Uitkomst sold 51,036t (FY2022 Q4: 28,360t) of high-grade pea and duff-sized
coal during the three months to domestic customers. Due to the low API4 export
prices, no coal was exported (FY2022 Q4: nil t). The average API4 coal price
during the quarter was US$115/t, 64% lower than FY2022 Q4 (US$315/t). Uitkomst
sold 2,453t (FY2022 Q4: 5,766t) of high ash, lower value middlings coal under
fixed price arrangements. The colliery had 4,872t (FY2022 Q4: 22,169t) of
high-grade coal at port and 50,491t (FY2022 Q4: 15,534t) on site at the end of
the quarter. The export marketing agreement with Overlooked Collieries (Pty)
Ltd expired at the end of June 2023 and the Company continues to assess
potential domestic and international customers.
The weaker ZAR:US$ exchange rate and higher coal sales volumes contributed to
a 17% decline in production costs per saleable tonne (FY2023 Q4: US$90/t vs.
FY2022 Q4: US$108/t). The ZAR denominated production costs continued to
experience inflationary pressures as well as higher energy costs due to the
increased diesel consumption to maintain underground operations during
blackout periods. Processing costs were higher due to increased overtime and
operating inefficiencies caused by the power outages.
Quarter to end-Jun 2023 Quarter to end-Jun 2022 %▲
Production volumes
Uitkomst ROM (t) 118,469 119,005 (1%)
Inventory volumes
High quality duff and peas at site (t) 50,491 15,534 >100%
High quality duff and peas at port (t) 4,872 22,169 (78%)
55,363 37,703 46%
Sales tonnages
Domestic high-quality duff and peas (t) 51,036 28,360 80%
Middlings sales (t) 2,453 5,766 (58%)
53,489 34,126 57%
Quarter financial metrics
Net revenue/t (US$) 104 80 31%
Net revenue/t (ZAR) 1,946 1,238 57%
Production cost/saleable tonne (US$)^ 90 108 (17%)
^ costs are all South African Rand (ZAR) based
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 (FY2023 Q3:
nil) during the quarter.
Implementation Plan
The Company continued to make steady progress and during April 2023 announced
the Makhado Project Implementation Plan. A primary goal of the Implementation
Plan was to improve the accuracy of the August 2022 pre-feasibility studies
from ±30% accuracy to an estimated accuracy of ±10%. In addition, the
Implementation Plan included a detailed execution plan for the construction of
the East Pit, Makhado coal handling and processing plant (CHPP) and related
infrastructure and a detailed mine plan for the first five years of
operations.
Updated LOM Plan and Coal Reserve
Subsequent to the Implementation Plan, MC Mining prepared an updated LOM plan
and Coal Reserve estimate for the Makhado steelmaking HCC Project. The LOM
plan builds on the five-year Implementation Plan and incorporates the
exploitation of all portions of the East, Central and West Pit coal deposits
that are mineable by surface mining methods. The updated Coal Reserve estimate
was derived from the updated LOM plan using updated costs, macroeconomic and
coal price assumptions.
The updated LOM plan extended the Makhado LOM from 22 years to 28 years (27%
increase), despite the 25% higher annual ROM coal production rate and improved
production metrics, as demonstrated below:
· 25% increase in the targeted mining rate from 3.2 to 4.0 million
tonnes per annum (Mtpa) of ROM coal;
· 100% increase in CHPP capacity, from 2.0 to 4.0 Mtpa;
· 30% increase in planned annual sales of 64 Mid Volatile (Vol)
steelmaking HCC to 0.81 Mtpa;
· 15% increase in planned annual sales of 5,500 kcal thermal coal to
0.62 Mtpa;
· 60% increase of total saleable coal products from 26 to 41 million
tonnes over the mine life;
· time to first production increasing from 12 to 18 months due to the
construction of the new CHPP whilst keeping the payback period materially
unchanged at 3.5 years from the start of construction; and
· 11% increase in the estimated project peak funding requirements to
US$100 million (ZAR1.8 billion).
Engineering and operational tenders
Erudite (Pty) Ltd (Erudite) completed the detailed designs for the Makhado
mine infrastructure and CHPP during the quarter. Erudite also commenced
obtaining detailed execution quotes for the construction of the CHPP. This
process is expected to be finished in Q3 CY2023 and will also cater for the
enlarged mining and processing footprint. The Makhado Project will be
contractor-operated and during the quarter the Company commenced managed
tender processes to select a mining contractor, CHPP operating contractor and
the analytical laboratory operator. These processes are expected to be
completed in Q3 CY2023. First coal production is expected 18 months from
commencement of construction, which is expected during H2 CY2023.
Early works
The Company continued to progress the critical Makhado early works during the
quarter, including:
· commencement with detailed design, procurement and construction of
the power supply overhead transmission line, with construction team mobilised
onsite - a critical path activity;
· refurbishment of onsite accommodation to house project construction
crews;
· placement of orders for key long-lead time items, including the
payment of a deposit of ZAR19.0 million (US$1.0 million);
· mobilisation of contractors for the construction of the main access
road, main bridge and civil works for bulk water reticulation; and
· progress with erection of fencing to secure the project site.
Makhado Project Funding
The Company continued the Makhado Project composite funding initiatives during
the quarter and anticipates that the funding will be concluded in H2 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. During the quarter, the Company
signed a Memorandum of Agreement (MOA) with Enprotec (Pty) Ltd (Enprotec) to
design and procure the flotation and filtration plant, a key part of the CHPP
required to extract the steelmaking HCC. The flotation and filtration plant is
expected to cost ZAR155 million (US$8.6 million) and in terms of the MOA, a
significant portion of this plant will be constructed on a BOOT basis.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery - Limpopo (Tuli)
Coalfield (100% owned)
Vele recorded one LTI (FY2023 Q3: nil) during the quarter and a safety
awareness campaign was launched at the colliery during the period.
The mining and processing operations at the opencast Vele Colliery were
outsourced to Hlalethembeni Outsourcing Services (Pty) Ltd (HOS) and
recommissioned in late December 2022. The recommissioning of Vele adds a
further cash generating unit to MC Mining's portfolio with limited financial
or human capital contributions and by the end of the period, had created 333
permanent jobs. HOS is responsible for all mining and processing costs and 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. The construction of the overhead
electricity line was completed in April 2023 and connected to the national
power grid in May 2023. As a result, the generator at the Vele CHPP will be
used as a back-up source of power, with Eskom being the primary source of
electricity at the colliery. This satisfies the Company's commitment with
regards to electricity infrastructure.
HOS completed the de-watering of the Vele Colliery open cast pit during the
period and produced 48,092t (FY2022 Q4: nil t) of thermal coal during the
quarter. Ramp-up to full production is expected to occur in H2 CY2023 with HOS
targeting monthly production of 60,000t of saleable thermal coal from Vele.
Greater Soutpansberg Project (GSP) - Soutpansberg Coalfield (74% owned)
The Greater Soutpansberg Projects recorded no LTIs (FY2023 Q3: nil) during the
quarter and no reportable activities occurred during the period.
Appendix 5B - Quarterly Cash Flow Report
The Company's cash balance as at 30 June 2023 was US$7.5 million with
available facilities of US$1.3 million. The aggregate amount of payments to
related parties and their associates, as disclosed as item 6.1 of the June
2023 quarter Appendix 5B was US$107k, 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
BSM Sponsors Proprietary 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 (http://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
BOOT Build, own, operate, transfer
CHPP Coal handling & processing plant
Enprotec Enprotec (Pty) Ltd
Erudite Erudite (Pty) Ltd
GSP Greater Soutpansberg Projects
HCC Hard coking coal
HOS Hlalethembeni Outsource Services (Pty) Ltd
IDC Industrial Development Corporation of South Africa Limited
LOM Life of mine
LTI Lost time injury
Makhado Project/ Makhado Makhado steelmaking hard coking coal project
MC Mining/ the Company MC Mining Limited
MOA Memorandum of Agreement
Mtpa Million tonnes per annum
ROM Run of mine
t tonnes
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 74%
682 MS & Remaining Extent of Grootvlei 684 MS)
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 74%
3, Portions 1, 4, 5, 6, 7 & 8 of Kliprivier 692 MS
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%
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, 74%
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
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%
1 As announced on 30 June 2023. The increased Coal Reserves in the East Pit
have resulted in increased saleable tonnes. This was confirmed by the most
recent drilling programme.
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