REG - MC Mining Limited - Activities Report for the Quarter ended 31 Dec 23
31/01/2024 08:45
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RNS Number : 5165B MC Mining Limited 31 January 2024
ANNOUNCEMENT
31 January 2024
ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2023 (FY2024 Q2)
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, against the background of the goal of zero harm, with no lost-time
injuries (LTIs) recorded during the quarter (FY2024 Q1: nil LTIs);
· As a result of the implementation of the Operation Penduka turnaround
plan, run-of-mine (ROM) coal production at the Uitkomst steelmaking and
thermal coal mine (Uitkomst Colliery or Uitkomst) was 31% higher than the
December 2022 quarter at 129,272 tonnes (t) (FY2023 Q2: 99,336t);
· Uitkomst sold 102,266t of coal during the quarter (FY2023 Q2:
56,817t), comprising 102,266t (FY2023 Q2: 53,842t) of high-grade domestic
sales and coal for the export market with no lower grade middlings coal sold
(FY2023 Q2: 2,975t);
· Uitkomst had 14,422t (FY2023 Q2: 27,058t) of high-grade coal at the
colliery and no coal at port at the end of the quarter (FY2023 Q2: 36,764t);
· Steady progress during the quarter on critical early works activities
at the Makhado steelmaking hard coking coal project (Makhado Project or
Makhado) as well as advancing the detailed design of the coal handling and
processing plant (CHPP) and related infrastructure;
· The Company is assessing the various scenarios for the Makhado
Project to facilitate an accelerated start of coal production, subject to
further funding;
· The managed tender processes to select the mining contractor as well
as the operating and maintenance contractors for the Makhado CHPP and
laboratory continued during the quarter;
· The Vele Aluwani Colliery (Vele Colliery or Vele) outsource agent
delivered 48,268 t (FY2023 Q2: nil t) of thermal coal during the quarter;
· The outsource mining contractor, Hlalethembeni Outsourcing Services
(Pty) Ltd (HOS) informed the Company that due to the operating challenges at
Vele, combined with elevated logistics costs and the depressed API4 coal
price, it intends downscaling operations while it progresses a production
optimisation strategy at the colliery; and
· The legal execution of the Greater Soutpansberg (GSP) mining rights
by the Department of Minerals & Energy commenced.
Corporate
· Depressed thermal coal prices continued during the quarter, with
average prices of US$116/t for the three months compared to US$109/t in Q1
FY2024 and US$221/t in Q2 of FY2023. Premium steelmaking hard coking coal
(HCC) prices, however, remained elevated, averaging US$335/t in the quarter
(FY2023 Q2: US$280/t);
· The Industrial Development Corporation of South Africa Limited extended
the date for repayment of the R160 million loan (c.US$8.7 million) plus
interest thereon, to 30 September 2024. The repayment of the loan, plus
accrued interest, was due for repayment by 30 September 2023;
· The Company received a notice of a non-binding and indicative takeover
offer (Takeover Offer) at a cash price of A$0.16 per share from Senosi Group
Investment Holdings Proprietary Limited and Dendocept Proprietary Limited,
each substantial shareholders of the Company, sent on behalf of shareholders
and associates stated to represent in aggregate 64.3% of the issued capital in
the Company (together, the Consortium). The Bidder's Statement is still to be
lodged by the Consortium; and
· Available cash and facilities of US$3.4 million (FY2024 Q1: net cash
balance of US$5.1 million).
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. Production at the underground colliery is challenging due to the
extended travel time to the mining areas but the optimisation plan has
resulted in increased mining time and higher volumes of coal, with no
lost-time injuries. These results were achieved despite the ongoing
electricity blackouts implemented by Eskom, the state power utility. The
international and domestic thermal coal markets remain under pricing pressure
and the colliery continues to assess alternative coal products as well as
marketing strategies for its premium product.
"The Company progressed the Makhado Project during the quarter, including
early works to secure the site and construction of a bridge across the Mutamba
river along with water infrastructure for the CHPP. The managed tender
processes to select the outsourced mining, plant and laboratory operators
progressed and we anticipate making the relevant appointments in FY2024 Q3. We
have also commenced assessing the potential early production of steelmaking
HCC and thermal coal on a smaller scale with no impact to the existing project
plan and will provide further updates in due course.
"The outsource agent, HOS, notified the Company during December 2023 that due
to production challenges at Vele, combined with elevated logistics costs and
the depressed API4 coal price, it intends downscaling operations at the
colliery while it progresses a production optimisation strategy."
DETAILED QUARTERLY OPERATIONS REPORTS
Uitkomst Colliery - Utrecht Coalfields (84% owned)
No LTIs were recorded during the quarter (FY2024 Q1: nil LTIs) with the
continued focus on leading indicators delivering safety improvements.
Uitkomst produced 129,272t of ROM coal during the quarter (FY2023 Q2:
99,336t). This followed the implementation of a turnaround plan in June 2023
that included a revised underground operating shift system that included in an
increase in the number of days worked in December 2023, benefitting coal
production. Uitkomst achieved a 31% improvement in ROM coal production over
the prior year comparative period, despite the impact of daily electricity
blackouts.
The poor performance of the state utility responsible for rail and port
logistics also continued to impact Uitkomst. This has resulted in higher
quality South African coal that is normally exported, being sold in the
domestic market. The challenging market conditions have prompted the
reassessment of the colliery's coal product portfolio, including investigation
of the ability to sell coal to the pulverised steelmaking coal or thermal coal
markets. These initiatives are expected to be finalised in FY2024 Q3.
Uitkomst sold 102,266t (FY2023 Q2: 53,842t) of coal during the quarter,
comprising 96,544t of high-grade pea and duff-sized coal to domestic as well
as customers exporting coal (FY2023 Q2: 53,842t) and 5,722t (FY2023 Q2: nil t)
of a lower grade blended product, also for export. International thermal coal
prices remained under pressure, with an average price of US$116/t during the
quarter, 48% lower than FY2023 Q2 (US$221/t). The fixed-price contract for the
sale of high-ash, lower value middlings coal expired during the FY2023 Q4 and
Uitkomst sold nil t (FY2023 Q2: 2,975t) during the three months. The colliery
had 14,422t (FY2023 Q2: 27,058t; 36,764t at port) of high-grade coal on site
at the end of the quarter.
The revenue per tonne declined by 43% compared to FY2023 Q2 due to the decline
in international coal prices and the change in sales mix with a significant
volume of coal exported in FY2023 Q2. The colliery's production costs per
saleable tonne benefitted from the higher sales volumes and weaker exchange
rate, declining 44% to US$52/t (FY2023 Q2: US$93/t).
Quarter to end-Dec 2023 Quarter to end-Dec 2022 %▲
Production volumes
Uitkomst ROM (t) 129,272 99,336 31%
Inventory volumes
High quality duff and peas at site (t) 14,422 27,058 (47%)
High quality duff and peas at port (t) - 36,764 (100%)
14,422 63,822 (78%)
Sales tonnages
Export-quality duff and peas (t) 102,266 53,842 1 (#_ftn1) 90%
Middlings sales (t) - 2,975 (100%)
102,266 56,817 80%
Quarter financial metrics
Net revenue/t (US$) 74 129 (43%)
Net revenue/t (ZAR) 1,390 2,278 (39%)
Production cost/saleable tonne (US$)^ 52 93 (44%)
^ 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 (FY2024 Q1:
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 in excess of
800,000 tonnes per annum of steelmaking HCC. The detailed design of the CHPP
and related infrastructure for the Makhado Project in preparation for
procurement, continued during the quarter. The Company also progressed the
managed tender processes to select the mining contractor as well as the
operating and maintenance contractors for the Makhado CHPP. Relevant
appointments are anticipated to be confirmed in FY2024 Q3.
Early works
The critical early works activities to ensure that the site is secure as well
as construction of water infrastructure for the CHPP are ongoing. The critical
Makhado early works undertaken during the quarter included:
· Construction of the main access road and the preparatory earthworks
for a bridge across the Mutamba river;
· Construction of the foundations for the CHPP bulk water supply
reservoirs;
· Detailed design, procurement and construction of the power supply
overhead transmission line;
· Refurbishment of onsite accommodation to house project construction
crews; and
· Securing the site including significant progress with erection of
fencing.
Makhado Project Funding
The Company continued with the Makhado Project composite funding initiatives
during the quarter, including progressing the detailed designs for the CHPP
and related infrastructure in preparation for procurement. This information is
required by potential funders and the Company anticipates that the funding
will be concluded in FY2024 H2, with construction commencing soon thereafter.
The various initiatives being negotiated include, amongst others, funding
arrangements through build, own, operate, transfer (BOOT); senior debt; coal
prepayments; and engineering, procurement and construction (EPC) contracts.
It is noted that the terms of the Consortium's proposed Takeover Offer
restrict the issue of any new equity. Consequently, the composite debt/equity
funding initiatives can only progress meaningfully in the event the Takeover
Offer expires, is withdrawn or once the process has been completed.
The Company is also assessing various scenarios for the Makhado Project to
facilitate an accelerated start of coal production in H2 CY2024 and
anticipates making further announcements in due course.
Vele Aluwani Semi-Soft Coking and Thermal Coal Colliery - Limpopo (Tuli)
Coalfield (100% owned)
Vele recorded no LTIs (FY2024 Q1: nil) during the quarter.
The mining and processing operations at the opencast Vele Colliery were
outsourced to HOS and recommissioned in late December 2022. HOS is responsible
for all mining and processing costs while 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 pays Limpopo Coal Company (Pty) Ltd (LCC), the owner of Vele, a fee
of ZAR200/t of coal sold if the monthly average API4 price is higher than
$120/t. The contractor delivered 48,268t (FY2023 Q2: nil t) of thermal coal
during the quarter.
HOS experienced operational challenges in attaining the targeted monthly
saleable coal production while unit costs have been adversely impacted by the
lack of access to rail capacity to transport Vele's coal to port. The railing
of coal was anticipated to result in a significant reduction in logistics
costs due to the colliery's location and the high cost of trucking coal to
port and domestic customers. The challenges experienced by HOS were
exacerbated by the decline in the API4 export thermal coal price during
CY2023. The three-month average API4 price for CY2023 Q1 was US$146/t,
reducing to US$115/t in CY2023 Q2, US$109/t in CY2023 Q3, US$116/t in CY2023
Q4 and currently trades at approximately US$95/t.
HOS has informed LCC, the owner of Vele, that due to the operational
challenges at the colliery, it intends downscaling operations while it
progresses development of a production optimisation strategy at the colliery.
As a result, HOS has exercised the hardship clause in its agreement with LCC
and commenced downscaling operations, which is expected to be completed during
January 2024. HOS's production optimisation strategy (Operation Shandukani),
which borrows from some of the aspects of the Uitkomst turnaround plan, will
potentially include, amongst others, changes to the mining methodology, as
well as further modifications to the CHPP and securing access to rail
transport at competitive prices. The evaluation of these measures is expected
to take place in FY2024 H2 and will 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 and no reportable activities occurred during the period. The Company
has commenced executing the mining rights for the GSP. The mining rights for
the Mopane and Generaal project areas were executed during the quarter and the
Chapudi mining right is expected to be completed during January 2024. The
studies required for the environmental and water use licences are expected to
commence during H2 CY2024.
Receipt of Non-Binding Indicative proposals
The Company received a further notice of intention to make a Takeover from the
Consortium on 2 November 2023. Following this, on 18 December 2023, MC Mining
received a revised Takeover offer to acquire all of the Company's shares that
the Consortium currently does not own for a cash price of A$0.16 per share.
The Company has established an Independent Board Committee which, together
with MC Mining's advisors, is considering the revised offer and will provide a
recommendation to shareholders if and when it is in possession of an offer
capable of acceptance. There is no need for shareholders to take any action
with respect to the current non-binding indicative proposal from the
Consortium.
Appendix 5B - Quarterly Cash Flow Report
The Company's available cash balance and facilities as at 31 December 2023 was
US$3.4 million. The aggregate amount of payments to related parties and their
associates, as disclosed as item 6.1 of the December 2023 quarter Appendix 5B,
was US$201k, 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 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
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
GSP Greater Soutpansberg Projects
HCC Hard coking coal
HOS Hlalethembeni Outsource Services (Pty) Ltd
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
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 (#_ftnref1) 40,747t sold under terms of the export Marketing Agreement
with Overlooked Collieries (Pty) Ltd (expired 30 June 2023)
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