MC Mining’s winning streak continues
Coal miner’s share price has tripled since November when it first announced it was close to securing properties needed for the Makhado project in Limpopo
Junior coal miner MC Mining’s share price jumped as much as 12% to R14 on Monday after the company reported additional progress in getting its flagship Makhado project in Limpopo under way. The successful acquisition of two key pieces of land puts the company on track to begin production at Makhado by the end of next year, MC Mining CEO David Brown said on Monday. The more than tripling of the company’s share price in the past three months would likely assist in discussions with funders for the $100m project, he said.
“We had always maintained [the previous share price] was not reflective of the value of the company, or an appropriate valuation taking into account our underlying reserve base,” he said. MC Mining is banking on its flagship Makhado project, which will produce coking coal and thermal coal for domestic use and export once production begins. The company has now completed its R70m acquisition of two properties for its projects after years of delays prompted by land ...