(Alliance News) - MC Mining Ltd said Tuesday it has been granted a mining right for its 74%-owned Generaal coking and thermal coal project in Limpopo, South Africa, from the country's Department of Mineral Resources.
The Generaal project, alongside the Chapudi and Mopane projects make up the Johannesburg and London-listed miner's Greater Soutpansberg project in the Soutpansberg Coalfield.
Shares in MC Mining were 27% higher at ZAR6.19 on Tuesday in Johannesburg.
MC Mining first submitted mining right applications for the three project areas to the South African department in 2013, following which the Chapudi project mining right was granted in December 2018.
The Generaal project contained over 407 million gross tonnes of inferred coal resources, and will support MC Mining's strategy of becoming South Africa's main producer of hard coking coal.
"The granting of the Generaal project mining right is a further step in unlocking value from MC Mining's significant coking and thermal coal assets, positioning the GSP to be a potential long-term coal supplier to industrial users both local and offshore, including the planned Musina-Makhado Special Economic Zone," said Chief Executive Officer David Brown.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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