MC Mining Ltd - Western Australia-based, South Africa-focused coal miner - Produces 101,616 tonnes of coal in the quarter that ended March 31 at Uitkomst metallurgical and thermal coal mine in South Africa, down from 124,144 tonnes a year earlier. Says production was affected by challenging geological conditions, floods in the area, as well as national electricity blackouts that regularly interrupted operations at the colliery. Notes health and safety "remains a priority and we continue to make progress" despite one lost-time injury recorded during the quarter, down from two in the previous quarter. Uitkomst quarterly sales up to 78,032 tonnes from 71,361 tonnes a year earlier, comprising 23,326 tonnes of high grade domestic coal sales, down from 62,571 tonnes; 2,801 tonnes of lower grade middlings coal from 8,610 tonnes; and coal exports of 51,905 tonnes from nothing a year earlier. Managing Director and Chief Executive Officer Godfrey Gomwe says: "The Uitkomst colliery was impacted by the increased incidents of electricity blackouts implemented by Eskom, the state power utility, as well as flooding in KwaZulu-Natal during February 2023. The decline in international thermal coal prices experienced in the period has resulted in the company assessing various alternative marketing strategies."
Current stock price in London: 12.40 pence, up 4.2%
12-month change: up 167%
Current stock price in Johannesburg: ZAR2.99, up 6.4%
12-month change: up 94%
By Greg Rosenvinge, Alliance News reporter
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Mc Mining (MCM)