MC Mining, formerly Coal of Africa, held $9.7m in cash and $9.7m of undrawn loan facilities from the Industrial Development Corporation at the end of December as it started to generate revenue from its recently purchased colliery. MC Mining bought Uitkomst Colliery from Pan African Resources late in 2017. It is now the group’s only operating mine. It also has a large coking and thermal coal project called Makhado Lite under development in the Soutpansberg. MC Mining’s shares, which were recently consolidated on a 20 for one basis, were unchanged at 645c on the JSE by midday on Wednesday. They were at 820c three weeks ago. MC Mining CEO David Brown said Uitkomst produced 12% more coal at 140,501 tonnes in the December quarter than it did in the September quarter, but sales of metallurgical and blended thermal coal dropped 14% to 142,843 tonnes because the contribution from slurry and buy-ins was affected by adverse weather conditions. Uitkomst’s revenue gained 22% to $61.09/tonne, wh...
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