REG - MC Mining Limited - Offer Update

MC MiningAnnouncement

12/03/2024 07:30

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RNS Number : 4889G  MC Mining Limited  12 March 2024

ANNOUNCEMENT
12 March 2024

 

NON-BINDING AND INDICATIVE PROPOSAL FROM VULCAN RESOURCES WILL NOT PROCEED

MC Mining Limited (MCM or the Company) refers to its announcement dated 8
March 2024 regarding a non-binding indicative proposal from Vulcan Resources,
a private Indian company and subsidiary of Vulcan International (Vulcan).

The Company advises that on Tuesday, 12 March 2024, the Company received
correspondence from Vulcan advising that Vulcan has concluded that it would
not be proceeding with a formal offer.

Vulcan's intention not to proceed does not alter the Independent Board
Committee's current recommendation to Shareholders NOT TO ACCEPT the Goldway
Capital Investment Limited Offer.

As announced on 4 March 2024, the Independent Board Committee reminds
Shareholders that a Supplementary Target's Statement accompanied by an
independent expert report will be lodged by the Company on 18 March 2024.

Khomotso Mosehla

Chairman of the IBC

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018, as amended.

 

This announcement has been approved for release by the Company's Disclosure
Committee.

 

 

 For more information contact:
             Tony Bevan                     Company Secretary                   Endeavour Corporate Services          +61 42 1072 165
             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).

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