MC Mining Ltd - Canberra, Australia-based developer of coal mines across South Africa - Vulcan Resources Ltd will not proceed with making a formal offer for MC Mining. On Friday last week, the owner and operator of the Moatize coal mine in Mozambique proposed offering 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. The Vulcan proposal was higher than what was proposed by Goldway Capital Investments Ltd last month.

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

Current stock price in Sydney: A$0.15, closed down 6.3% on Tuesday

12-month change: down 21%

Current stock price in London: 7.00 pence, down 15%

12-month change: down 30%

Current stock price in Johannesburg: R 1.80, down 14%

12-month change: down 8.2%

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