MC Mining acquires key surface rights for South Africa coal project
Source - SMW
MC Mining said subsidiary Baobab Mining & Exploration had completed a previously-announced transaction to acquire key surface rights required for its Makhado hard coking and thermal coal project in South Africa.
The purchase of the Lukin and Salaita properties, first announced on 15 November, was conditional upon the seller notifying and addressing any concerns regarding the transaction raised by the Limpopo Province regional land claims commissioner.
The commissioner did not object to the transaction during the legislated 30-day notification period.
A payment of the initial R35m ($2.5m) tranche has now been made to the seller.
The balance of the purchase price, being a further tranche of R35m, would accrue interest at the South African prime interest rate.
At 10:03am: (LON:MCM) MC Mining share price was +6p at 57p