MC Mining Ltd - Western Australia-based coal miner with projects in South Africa - Enters into a R 60 million standby loan facility agreement with Dendocept (Pty) Ltd, which owns about 1.5% stake in the company. Proceeds from the facility will be used to advance early works at the Makhado hard coking coal project, enhance specific areas of the Makhado bankable feasibility study, carry out geotechnical and confirmatory drilling programmes, as well as fund working capital.
MC Mining Chief Executive Godfrey Gomwe says this facility reflects continued shareholder support and is yet another positive step for the company. MC Mining, he adds, continues to source additional funds for Makhado and anticipates that this will be concluded in the third quarter.
Current London stock price: 7.50 pence, unchanged on Monday
12-month change: up 30%
Current Johannesburg stock price: R 1.62, up 5.2%
12-month change: up 32%
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