MC Mining Ltd - South Africa-focused coal miner - Reports pretax loss of USD1.3 million in the six months to December 31, narrowed from USD2.9 million a year prior. Revenue rises to USD13.0 million from USD8.8 million. MC Mining does not pay dividends.
Operationally, Uitkomst Colliery produced all of the company's revenue for the half. Its flagship Makhado coking coal project has received all regulatory approvals and has attained all surface rights over the mining and processing areas. Phase 1 of development is expected to take 9 months. When operational, Makhado is expected to hold a significant advantage as it will be "the only significant hard coking coal producer in South Africa", according to the company. Vele Colliery is set to have its processing plant modified as part of the Phase 1 development of the Makhado project.
Current stock price in Johannesburg: ZAR1.39
12-month change: down 9.7%
Current stock price in London: 4.52 pence
12-month change: down 40%
By Greg Roxburgh; gregroxburgh@alliancenews.com
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Mc Mining (MCM)