MC Mining: Greater Soutpansberg Projects update
Exploration and development of the three Soutpansberg coalfield projects namely the Chapudi, Mopane and Generaal project areas, is the catalyst for the long-term growth of the Company.
The South African Department of Mineral Resources & Energy has granted mining rights for the three project areas comprising the GSP, which collectively contain over 7.0 billion gross tonnes in situ of inferred steelmaking HCC, SSCC and thermal coal resources.
Exploration and development of the GSP positions the Company to be a potential long-term domestic and export steelmaking coal supplier; and MC Mining anticipates commencing with the various studies required for the outstanding water and environmental regulatory approvals following the construction of the Makhado Project.
MC Mining in its H1 2023 report says the loss after tax for the period decreased by 79% to $4.4 million after tax of $20.8 million. Contributing to the loss of $4.4 million were non-cash charges which decreased by 80% to $3.7 million (FY2022: $18.3 million).
Godfrey Gomwe, Chief Executive Officer and Managing Director of MC Mining, commented: “MC Mining made pleasing progress during FY2023 including the completion of the A$40 million Rights Issue, the recommencement of operations at the Vele Colliery and the detailed planning for the construction of the Makhado Project. The conclusion of the Marketing Agreement ensured the Uitkomst Colliery could take advantage of favourable international thermal coal prices during H1 FY2023.
