MC Mining eyes possible acquisition of second cash-generating asset
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...
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