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Company received a letter in November indicating they intended to make a take-over with offer price A$0.20-23. Formal offer in December was A$0.16
Have recieved an offer of AUD0.16 for my MCM shares, anybody else. From memory 0.20 was being banded around.. thoughts.??
Strange, nothing announced on website or JSE.
Hopefully unsuccessful
To infinity..........and beyond.
Kick kick kick.
Regarding Funding.
Once again the can has been kicked to H2 2024.
What a bunch of clowns.
Never thought those early ones would happen, but recently had a greater chance, probably why the takeover bid happened know it's last chance before it took off.
Here are some timelines given to us over the last 48 months regarding Makhado funding completion.
31 Jan 2022 - Funding expected to be completed H1 2022
30 Jun 2022 - Funding expected to be completed Q3 2022
31 Jan 2023 - Funding expected to be completed H1 2023
28 Apr 2023 - Funding expected to be completed Q3 2023
31 Jul 2023 - Funding expected to be completed Q3 2023
31 Oct 2023 - Funding expected to be completed H1 2024
I could go back further but you get the point.
How many more lies are going to be told, they just keep kicking the can.
I know I'm crying over spilt milk and it's not the easiest thing to sell a coal mine, but management missed a golden opportunity 2 years ago when thermal coal prices were at record highs to sell Vele. That money could have gone a long way to finance Makhado.
11 years
No doubt a delay in offer to wait for the share price to slip further down so an eventual offer doesn't look so bad. I've been in MCM for 4 years now and know nothing ever happens fast.
The firm hopefully is pushing ahead shareholders don't have to approve funding but the company's/ Institutions lending do, takeover bids uncertainty of the company future make it less likely.
The previous RNS suggested the firm was pushing ahead regardless... My understanding is shareholder approval is not required to agree funding - it has been widely discussed and agreed with shareholders for years.
MC Mining Accelerates Makhado Project Amidst Coal Sector Challenges
https://bnnbreaking.com/world/south-africa/mc-mining-accelerates-makhado-project-amidst-coal-sector-challenges/#:~:text=South%20Africa%2Dbased%20MC%20Mining,metaphorical%20'lump%20of%20coal'.
No time table on the takeover, My large concern is the uncertainty delaying even further the loan required being completed.
Puts us in a state of no man's land.
Https://www.thehindubusinessline.com/markets/commodities/indian-steel-mills-urge-government-intervention-in-coking-coal-price-indexing/article67767768.ece
"Incidentally, India is the second largest producer of crude steel and continues to be amongst the largest importers of coking coal – a key feedstock material. Over the last few months, the price of coking coal moved up by 49 per cent from May to November last year. From $229 per tonne in May, prices increased to $342 per tonne. The highest increase was in October at $365 per tonne."
Https://www.miningweekly.com/article/chinas-drive-for-recrod-coal-spurs-yet-another-deadly-accident-2024-01-15
"Morgan Stanley said 12-million tons of capacity has been taken offline in Shanxi, the top coal producing province, since November. It said steady demand from the steel industry should support met coal prices in the first half of the year."
LAUNCESTON, Australia, Jan 8 (Reuters) - Asia's imports of seaborne thermal coal rose to a record high in December as top buyer China sucked up cargoes amid peak winter demand.
But the robust demand did little to move prices as Indonesia and Australia, the two largest shippers of the fuel used mainly to generate electricity, saw strong gains in exports.
Asia's imports of seaborne thermal coal reached 83.69 million metric tons in December, up from 78.87 million in November and the highest in records compiled by commodity analysts Kpler going back to January 2017.
SANDMAN, To be fair the various RNS all state 18 months build from the announcement of funding, so you are spot on if funding is secured soon…
Makes no difference, this is South Africa. H2 2025 the earliest possible time coal will be produced. Mark my words.
Bear in mind $millions have already spent on early works at Makhado throughout 2023 which is extensively documented throughout the RNS library.
Example:
https://www.mcmining.co.za/all-categories?task=download.send&id=1763:makhado-project-significant-increases-in-mine-life-and-coal-reserves&catid=105
i don't know who is bull****ting who, but there is no possible way a plant this size will be constructed and producing coal in 2024, i have been in mining engineering for 50 years and i know how long it takes for procurement, fabrication and construction. maybe h2 2025.
Https://www.moneyweb.co.za/mny_sens/mc-mining-limited-operations-and-trading-update/
Agree c you gorblimey.