A hefty $87.5m impairment against its suspended Vele colliery pushed MC Mining, formerly Coal of Africa Ltd (CoAL), into a deep interim loss, overshadowing the inflow of revenue and a gross profit stemming from its purchase of the Uitkomst Colliery. MC Mining, which changed its name and conducted a share consolidation to deal with the legacies of its years as CoAL, reported a loss for the six months to end-December of $97m versus a $13m loss in the prior year period. Unlike the previous period when it had no revenue, MC Mining reported income of $17m from the sale of coal from Uitkomst, a thermal coal mine in which it has a 91% stake and plans to top up its 5% black ownership levels by 21 percentage points before the end of its financial year in June through a vendor financed structure. MC Mining reported gross profit of $2.7m for the interim period. The company will receive $8m in 10 quarterly payments from the sale of its Mooiplaats colliery. At Uitkomst, MC Mining has to spend ca...
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