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Share Price: 7.50

Bid: 7.00

Ask: 8.00

Change: 0.00 (0.00%)

Spread: 1.00 (14.286%)

Open: 7.50

High: 8.00

Low: 7.50

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MC Mining Says SA Lockdown Will Hurt Uitkomst Colliery Coal Mine

Tue, 24th Mar 2020 11:28

(Alliance News) - MC Mining Ltd on Tuesday said the 21-day lockdown imposed by the South African government will affect its operations KwaZulu-Natal province.

The miner operates to Uitkomst Colliery coal mine in the province. MC Mining explained that the extent to which the asset will affected is "yet to be determined".

South African President Cyril Ramaphosa said a three-week lockdown will be imposed from midnight Thursday, in a bid to slow the spread of Covid-19. New curbs on which businesses remain open will also be introduced.

Rampahosa had said all businesses will be closed, save for "pharmacies, laboratories, banks, essential financial and payment services, including the JSE, supermarkets, petrol stations and health care providers".

MC Mining shares were 7.8% lower at 8.30 pence each in London on Tuesday morning. In Johannesburg in the afternoon, MC Mining was 28% lower at ZAR1.38 each.

By Eric Cunha; ericcunha@alliancenews.com

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