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From today's update:
The MC Mining Board approval to build a new CPP at Makhado thus created optionality for the
potential recommencement of operations at Vele. The Company has previously reported that when
market conditions improve, the reopening of Vele would be considered and options being evaluated
include the possible outsourcing of operations at the colliery. The Company is currently assessing
potential partnerships in this regard and any development model that includes elements of
outsourcing will reduce the start-up working capital funding and prioritise resources on the
development of the flagship Makhado Project.
Hemmings - good to see you still here mate. If they want to raise more than 8m Euros then they need to issue a prospectus and its a lot more onerous from a regulatory, timing and cost perspective.
I was talking with a research guy at Macquarie today, not MCM related. They have coking coal and thermal coal as their most preferred commodities with the market tightening further on the back of gas and power markets. Despite the global turmoil we're in a great spot here. Hopefully we'll hear something positive about over API4 sales tomorrow and close the week above 30p
I remember having a meeting with David Brown. He told me a story about how everyone told him not to take the job here, the company was going bust and he would never raise the funds. After everything that’s been thrown at the company, now we can move forward. For those that have been here a long time, this is now happening. Makhado, then GSP. The MMSEZ. This is it. $300 coal. As someone who has been here over 10 years I feel quite emotional we have got over the line. People will now sit up and take notice. This is going to be huge.
No sellers. On the way down it was only MG who had to sell as company getting out of all coal positions. Coal is now in focus given the European power situation and demand also coming from China and India.
This is a leaky old ship, moves like this don’t happen for no reason. Maybe a takeover?
Also now we have a higher valuation, other funds will participate. Previously our market cap was too low for them to get involved