Uitkomst metallurgical and thermal coal mine sold 20% less coal
MC Mining Limited (MC Mining or the Company) in its interim financial report for the six months ended 31 December 2021 (the Period) says the Uitkomst metallurgical and thermal coal mine (Uitkomst Colliery or Uitkomst) sold 107,953 tonnes (t) of high quality metallurgical and thermal coal during the Period (FY2021 H1: 127,534t). An additional 11,655t of high-ash middlings were sold during the Period (FY2021 H1 11,569t);
The higher global demand for coal post the COVID-19 pandemic resulted in a significant increase in international prices with an average API4 coal price of $151/t for the Period (H1 FY2021: $64/t).
The Company continues to progress a number of debt/equity funding initiatives to raise the additional funding required to develop the Makhado hard coking coal project (Makhado Project or Makhado).
Limited activities at MC Mining’s other projects, being the Vele semi-soft coking and thermal coal colliery and Greater Soutpansberg Projects (collectively, the Limpopo Projects), remain in various stages of development.
An improved safety record with three lost-time injuries (LTIs) reported at Uitkomst during the Period (FY2021 H1: four LTIs). No LTIs were reported at the Makhado or Limpopo Projects.
The Company recorded 17 positive COVID-19 cases (FY2021 H1: 27 positive COVID-19 cases) at Uitkomst, Makhado and Limpopo Projects during the Period.
