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Pin to quick picksMc Mining Share News (MCM)

Share Price Information for Mc Mining (MCM)

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Share Price: 8.00
Bid: 7.50
Ask: 8.50
Change: 0.00 (0.00%)
Spread: 1.00 (13.333%)
Open: 8.00
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MC Mining suspends Uitkomst work amid KwaZulu-Natal unrest

Tue, 13th Jul 2021 15:21

(Alliance News) - MC Mining Ltd said Tuesday it is temporarily suspending operations at its 70%-owned Uitkomst colliery.

The South African-based coal miner said the suspension is ending resolution of the civil unrest which has spread throughout the KwaZulu-Natal province in South Africa.

Sporadic protests erupted in several parts of KwaZulu-Natal at the weekend, calling for the release of former president Jacob Zuma from jail. This province and later Gauteng have quickly drifted into total anarchy, resulting in looting and destruction of property.

South African ministers in the security cluster on Tuesday ruled out the implementation of a state of emergency for now to contain the violence and looting that continues on from the weekend in some parts of the country.

On Monday night, President Cyril Ramaphosa vowed to mobilise "all available resources" to restore order and stability as the country descends into anarchy.

Violence and looting have destroyed swathes of shops and other businesses in KwaZulu-Natal and Gauteng.

On Tuesday, MC Mining said: "Unfortunately, protests, road blockages, and attacks targeting transport vehicles have been reported across KwaZulu-Natal, including the towns and communities where the majority of the Uitkomst mine employees and contractors reside."

MC's interim Chief Executive Sam Randazzo added: "Our first priority is the safety of our employees and contractors and we have taken this immediate action to protect their well being. Temporarily halting the colliery operations should also discourage activists from entering the Uitkomst site.

"Authorities have deployed security forces to areas where protests are occurring, and we remain hopeful of a speedy resolution so that our employees and contractors can return to work and for recommencement of operations at the Uitkomst colliery."

Shares in MC Mining were down 3.8% in London on Tuesday afternoon at 5.05 pence, but was 4.2% higher in Johannesburg at ZAR1.24 each.

By Paul McGowan; paulmcgowan@alliancenews.com

Copyright 2021 Alliance News Limited. All Rights Reserved.

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