MC Mining Ltd - Canberra, Australia-based developer of coal mines across South Africa - Receives a takeover proposal from Vulcan Resources Ltd, owner and operator of the Moatize coal mine in Mozambique. Vulcan offers between A$0.17 and A$.20 per MC Mining share, valuing it at between A$69.34 million and A$81.58 million, around £35.9 million to £42.2 million. MC Mining says the Vulcan proposal does not constitute a formal offer, but it notes that the takeover price is higher than that proposed by Goldway Capital Investments Ltd last month.

On Monday, MC Mining urged its stakeholders to reject the February takeover bid from Goldway, which offered A$0.16 for each MC Mining share, valuing the company at A$65.3 million.

Current stock price: closed flat at 0.14 Australian cents in Sydney, up 10% at 7.99 pence in London, up 7.2% at R 1.94 in Johannesburg on Friday

12-month change: down 23% in London

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