General Banking Facility

RNS Number : 5120S

MC Mining Limited

26 June 2018

 

ANNOUNCEMENT                                                                                                            26 JUNE 2018

GENERAL BANKING FACILITY

MC Mining Limited (the "Company") is pleased to announce that it has procured a R20 million (twenty million rand) general banking facility (the "Facility") for its 70% held subsidiary - Uitkomst Colliery (Pty) Limited. The Facility is from Rand Merchant Bank ("RMB"), a division of FirstRand Bank Limited.

The Facility is subject to a floating coupon at the South African Prime rate (currently 10.0% per annum) less 0.5% and is a 12-month facility, which will be reviewed annually by RMB.

David Brown, MC Mining's Chief Executive Officer commented:

"The Company acquired its stake in Uitkomst on 30 June 2017 and it has proven to be a highly profitable operation, with strong underlying cash flows. Notwithstanding this, a general banking facility will provide Uitkomst with flexibility to temporarily finance sustaining capital to secure its production profile, should this be required.

"The facility is a further milestone on the strategic journey the Company has embarked on."

AUTHORISED BY:

David Brown

Chief Executive Officer

For more information contact:
David Brown	Chief Executive Officer	MC Mining Limited	[phone]
Brenda Berlin	Chief Financial Officer	MC Mining Limited	[phone]
Tony Bevan	Company Secretary	Endeavour Corporate Services	[phone]
Company advisors:
Jos Simson/ Gareth Tredway	Financial PR (United Kingdom)	Tavistock	[phone]
Ross Allister/Richard Crichton/James Bavister	Nominated Adviser and Broker	Peel Hunt LLP	[phone]
Charmane Russell/Olwen Auret	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. MCM's key projects include the Uitkomst Colliery (metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).

 

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