MC Mining (MC), formerly known as Coal of Africa, said on Thursday that losses for the six months to end-December rose about 650% to $97.34m, following an impairment of its mothballed Vele Colliery. MC’s primary listing is on the Australian stock exchange, with a secondary listing on the JSE. The cash balance at the end of the period rose 41% to $10.2m, while revenue rose to $17m, from zero previously, due to its stake in the Uitkomst Colliery, the company’s sole operating asset. MC acquired a 91% interest in the Uitkomst Colliery at the end of June 2017, but still faces hurdles regarding its flagship Makhado project. The company’s loss per share increased about 473% to 78.39 US cents from 13.68 previously. The company has the necessary regulatory approval to begin mining at Makhado, but needs access to farms to conduct geo-technical analyses — the land is currently subject to land claims processes. MC said on Wednesday that it expectsed these issues to be resolved in the second hal...

Subscribe now to unlock this article.

Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).

There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.

Cancel anytime.

Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.

Speech Bubbles

Please read our Comment Policy before commenting.