REG - MC Mining Limited - Activities Report for the Quarter Ended 31 Dec 22
31/01/2023 07:30
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RNS Number : 3838O MC Mining Limited 31 January 2023
ANNOUNCEMENT
31 January 2023
ACTIVITIES REPORT FOR THE QUARTER ENDED 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 56,817t 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 these
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 (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.
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% (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, 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% 14%
Portion 8 (of 1) of Kweekspruit No. 22 84% 1
4
%
Remainder of Portion 1 of Uitkomst No. 95 84% 1
4
%
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%
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%
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