Changes to the Board

RNS Number : 6234J

MC Mining Limited

28 April 2022

 

ANNOUNCEMENT  28 April 2022

CHANGES TO THE BOARD

MC Mining Limited (MC Mining or the Company) announces changes to its board of directors.

The Company announced on 11 April 2022 that Mr Nhlanhla Nene and Mr Godfrey Gomwe had been elected as directors of the Company, with their appointments being subject to completion of the due diligence required by the AIM Rules for Companies, AIM Rules for Nominated Advisers and approval by Strand Hanson, the Company's Nominated Adviser. The Company is pleased to confirm that the afore-mentioned processes for both Mr Nene and Mr Gomwe have now been completed.

Appointment of Chairman and Chief Executive Officer

MC Mining's Board has appointed Mr Nene as Chairman and Mr Gomwe as Chief Executive Officer (CEO). Mr Nene replaces Mr Khomotso Mosehla, who served as the interim Chairman following Mr Bernard Pryor's resignation, as announced by the Company on 11 March 2022. Mr Gomwe has been appointed as MC Mining's Managing Director and CEO following the resignation of Executive Director and interim CEO, Mr Sam Randazzo. The material terms agreed with regards to Mr Randazzo's resignation, as well as Mr Gomwe's employment agreement are noted in Annexure A.

Appointment of Non-Executive Director

The Company has also appointed Mr Mathews Senosi as a Non-Executive Director with immediate effect. This appointment follows the Company's issue of 38,363,909 ordinary shares to Senosi Group Investment Holdings (Pty) Ltd, as announced on 6 April 2022. Mr Senosi is a qualified mining engineer (University of the Witwatersrand) with over 25 years' experience in mining and project execution. Mathews gained experience at Anglo Coal before successfully pursuing personal business interests in mining, engineering and consulting as well as civil and construction projects, and was a key contributor in the successful execution of numerous coal mining projects. Mr Senosi has extensive experience in opencast and underground coal mining and is the CEO of the Overlooked Mining Group which produces over 7.5 million tonnes per annum of thermal coal for the export and domestic markets.

Commenting today, MC Mining's Chairman, Nhlanhla Nene, said : "I congratulate Mr Gomwe on his appointment as Managing Director and CEO. Godfrey brings a wealth of mining, commercial, financial and leadership expertise, and his extensive skills will be invaluable to MC Mining as we complete the Makhado funding package with a view to commencing construction later in CY2022. The Board also welcomes Mr Senosi's appointment and looks forward to his contribution in taking MC Mining forward to achieve its objectives and vision."

Additional Information

The following additional information is provided in accordance with paragraph (g) of Schedule Two of the AIM Rules for Companies.

Nhlanhla Musa Nene (aged 63)

Current Directorships/Partnerships	Past Directorships/Partnerships (last five years)
Arise BV	Allan Gray Group (Pty) Ltd
Access Bank South Africa Ltd	Allan Gray Life Ltd
Africa Cup of Nations 2013 Local Organising Committee South Africa(1)	Allan Gray Unit Trust Management Pty Ltd
Babiro Property Holdings CC	Empact Group Pty Ltd
BDB Agricultural Supplies CC	Grocapital Holdings Ltd
Little Elephant Training Centre for Early Education	Grow Fresh Produce Agents (Pty) Ltd
Main Street 1532 Pty Ltd	Motsamayi Corridors Company (Pty) Ltd
The Council for Health Service Accreditation of Southern Africa
Thebe Investment Corporation (Pty) Ltd

Godfrey Gomwe (aged 66)

Current Directorships/Partnerships	Past Directorships/Partnerships (last five years)
AECI Limited	Lashka 167 Proprietary Limited
Anduro Investments (Pvt) Limited	Lashka 168 Proprietary Limited
Bermod Investments (Pvt) Limited	Thebe Mining Resources (Pty) Limited
Blue Hills Ventures (Pty) Limited	Promiguard Pty Ltd
Econet Wireless Zimbabwe Limited
Intaba Mountain Resources (Pty) Limited
K2014197565 Pty Ltd
Marimba Global Investors (Pty) Limited
Masakane Resources Investments (Pty) Limited
Matinex (Pty) Limited
MERB Pty Ltd
Money for Jam Investments 42 (Pty) Limited
Olive Trust
One4Two (Pty) Limited
Orion Minerals Limited
Pinda Mzala Investments (Pty) Limited
Seriti Coal (Pty) Limited
Seriti New Largo Pty Limited
Seriti Resources Holdings Limited
Southern Sphere Platinum (Pty) Limited
Studio 521 Investments CC
The Meat Block Pty Limited
Thebe Investment Corporation Pty Limited
Tshikululu Social Investments NPC
Tshikululu Trust
Ubhejane Resource Investment (Pty) Limited
Vergelegen Wines (Pty) Limited
VV Enterprise (Pty) Limited
Wheat Sheaf Investments (Pty) Limited

Ontiretse Matthews Senosi (aged 44)

Current Directorships/Partnerships	Past Directorships/Partnerships (last five years)
Balindi Mining (Pty) Ltd	Coalcor Mining (Pty) Ltd
Blue Mining Services (Pty) Ltd	Emang One Resources (Pty) Ltd
Bochabela Mining (Pty) Ltd	Klipbank Mining (Pty) Ltd
CMS Alpha (Pty) Ltd	Kuruman Manganese Mining Contractors (Pty) Ltd(2)
Dalirox (Pty) Ltd	Sango Elihle Trading and Projects CC
Dorstfontein Coal Mines (Pty) Ltd
Dreamworks Haven Investments (Pty) Ltd
Evening Shade Properties 126 (Pty) Limited
Forzando Coal Mines (Pty) Ltd
G and B Coal Mining (Pty) Ltd
Grazigen (Pty) Ltd
Ithemba Farm (Pty) Ltd
J A Engineering Works (Pty) Ltd
JCI Mining (Pty) Ltd
Katlego Coal (Pty) Ltd
Matubatuba Mining (Pty) Ltd
Newcastle Coal Mines (Pty) Ltd
Ontikea Commodities (Pty) Ltd
Overlooked Colliery (Pty) Limited
Overlooked Colliery Alpha (Pty) Ltd
Overlooked Group Management Services (Pty) Limited
PCD Eleazer Gold (Pty) Ltd
Sailfish Holdings (Pty) Ltd
Sazi Coal (Pty) Ltd
SBS Mining (Pty) Limited
Senocha Quarries (Pty) Ltd
Senosi Group Investments Holdings (Pty) Ltd
Senosi Trading (Pty) Limited
SM Metals Exploration (Pty) Ltd
Soft Wink Properties (Pty) Limited
Tumelo Coal Mines (Pty) Ltd
Zelpy Gold Mine (Pty) Ltd

Note :

(1) South Africa's company registry notes that Mr Nene's directorship role with Africa Cup of Nations 2013 Local Organising Committee South Africa is current. However Mr Nene resigned from this position in 2014 and steps are being taken to update the records accordingly.

(2) South Africa's company registry notes that Mr Senosi was a director of Kuruman Manganese Mining Contractors (Pty) Ltd until 2020. However Mr Senosi believes that the filings were made erroneously and steps are being taken to update the records accordingly.

Through Senosi Group Investment Holdings (Pty) Ltd, Mr Senosi is beneficially interested in 38,363,909 Ordinary Shares in the Company.

Other than the information contained within this announcement, there is no further information required to be disclosed pursuant to paragraph (g) of Schedule Two of the AIM Rules.

Authorised by

Nhlanhla Nene

Chairman

This announcement has been approved by the Company's Disclosure Committee.

For more information contact:
Tony Bevan	Company Secretary	Endeavour Corporate Services		[phone]
Company advisors:
James Harris / James Dance	Nominated Adviser	Strand Hanson Limited		[phone]
Rory Scott	Broker (AIM)	Tennyson Securities Limited		[phone]
James Duncan	Financial PR (South Africa)	R&A Strategic Communications		[phone]
Investec Bank Limited is the nominated JSE Sponsor

About MC Mining Limited:

MC Mining is an AIM/ASX/JSE-listed coal exploration, development and mining company operating in South Africa. MC Mining's key projects include the Uitkomst Colliery (metallurgical and thermal coal), Makhado Project (hard coking coal). Vele Colliery (semi-soft coking and thermal coal), and the Greater Soutpansberg Projects (coking and thermal coal).

Statements of intention

Statements of intention are statements of current intentions only, which may change as new information becomes available or circumstances change.

Annexure A

All amounts are in South African Rand unless otherwise stated.

Sam Randazzo: Resignation Agreement

· 27 April 2022 effective resignation date 

· No bonus is payable following Mr Randazzo's resignation

· Performance Rights:  4,871,406 vested performance rights

Shareholders approved the granting of performance rights to Mr Randazzo at the 2021 Annual General Meeting. These rights were granted under the terms of the Company's Performance Rights Plan. Mr Randazzo is considered a 'Good Leaver' in terms of the Performance Rights Plan and the MC Mining Board approved that the 4,871,406 unvested performance rights vested on his resignation as a director of the Company.

Godfrey Gomwe: Appointment Agreement

· CEO commencement date of 27 April 2022

· Annual gross base remuneration of R5,724,500

· Annual bonus which is an amount of up to 100% of base remuneration, dependent on business performance and board approval

· The employment contract is open-ended but includes a notice period of six months

· Performance Rights:

Mr Gomwe as CEO is eligible to be issued performance rights under the Company's Performance Rights Plan. Any such issue would be subject to ongoing employment as well as shareholder approval. 

 

END

 

 

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