MC Mining Ltd - coal miner focused on South Africa - Bernard Pryor will step down as chair from Friday. Long standing Non-Executive Director Khomotso Mosehla has been appointed as an interim chair pending the outcome of the shareholder requisitioned meeting scheduled for April 11.
Pryor joined the company in August 2012, initially serving as a non-executive director and then as chairman from February 2014. At the time of his initial appointment, MC Mining was in a precarious financial position, having significant debt and operating several loss making coal mines. The miner is now on more stable footing having secured a large coal resource base, substantially reduced debt. Recently, it announced a ZAR86 million capital raising agreement with Senosi Group Investment Holdings (Pty) Ltd.
Current Johannesburg stock price: ZAR1.21, unchanged
12-month change: down 21%
Current London stock price: 4.98 pence
12-month change: down 34%
By Artwell Dlamini; artwelldlamini@alliancenews.com
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Mc Mining (MCM)