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26 Jun 2018 08:00
ANNOUNCEMENT 26 JUNE 2018
GENERAL BANKING FACILITY
MC Mining Limited (the "Company") is pleased to announce that it has procured a R20 million (twenty million rand) general banking facility (the "Facility") for its 70% held subsidiary - Uitkomst Colliery (Pty) Limited. The Facility is from Rand Merchant Bank ("RMB"), a division of FirstRand Bank Limited.
The Facility is subject to a floating coupon at the South African Prime rate (currently 10.0% per annum) less 0.5% and is a 12-month facility, which will be reviewed annually by RMB.
David Brown, MC Mining's Chief Executive Officer commented:
"The Company acquired its stake in Uitkomst on 30 June 2017 and it has proven to be a highly profitable operation, with strong underlying cash flows. Notwithstanding this, a general banking facility will provide Uitkomst with flexibility to temporarily finance sustaining capital to secure its production profile, should this be required.
"The facility is a further milestone on the strategic journey the Company has embarked on."
AUTHORISED BY:
David Brown
Chief Executive Officer
For more information contact: |
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David Brown | Chief Executive Officer | MC Mining Limited | +27 10 003 8000 |
Brenda Berlin | Chief Financial Officer | MC Mining Limited | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors: |
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Jos Simson/ Gareth Tredway | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Ross Allister/Richard Crichton/James Bavister | Nominated Adviser and Broker | Peel Hunt LLP
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Charmane Russell/Olwen Auret | Financial PR (South Africa) | R&A Strategic Communications | +27 11 880 3924 |
Investec Bank Limited is the nominated JSE Sponsor |
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About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. MCM's key projects include the Uitkomst Colliery (metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).
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