MC Mining secures new loan for South Africa coal mine
Source - SMW
MC Mining said its 70%-owned Uitkomst Colliery coal mine in South African had received a banking facility of around $1.4m from local group ABSA Bank.
Uitkomst transitioned to an owner-operated mine in August 2018.
MC Mining subsequently secured a five-year asset finance facility from ABSA, used to finance new underground mining equipment.
'The facility further enhances our relationship with ABSA and is an endorsement by an independent financial institution of the potential of Uitkomst and its ability to deliver on tonnage targets coupled with prevailing favourable coal prices,' chief executive David Brown said.
'In addition, MC Mining continues to progress with various initiatives relating to the Makhado hard coking and thermal coal project with further updates to come.'
At 9:44am: (LON:MCM) MC Mining share price was 0p at 18.5p