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LONDON (Alliance News) - MC Mining Ltd said on Thursday it has procured a revolving asset finance facility from ABSA Bank Ltd for its 70% owned Uitkomst Colliery.
The rolling five-year facility worth ZAR15 million has a floating coupon at the South African prime rate, currently at 10% per annum, plus 0.5%.
Uitkomst will utilise the facility to finance the acquisition of mining equipment following the transition to owner-operated mining at the Colliery at the start of August.
"The ABSA Facility reflects the growing confidence that financial institutions have in MC Mining and the execution of our strategy. The acquisition of new mining equipment and integration of the recently acquired underground mining operations will result in improved equipment availability and contribute to the production enhancement initiatives at the colliery, ensuring Uitkomst is positioned to benefit from prevailing higher international coal prices," Chief Executive Officer David Brown.
MC Mining's London shares were untraded on Thursday, last quoted at 23.5 pence, as were its Johannesburg shares at ZAR3.75.
