Coal miner MC Mining has entered into a R20-million, or $1.1-million, loan facility with South Africa-based private company Dendocept for working capital purposes.
Dendocept has a 6.8% shareholding in MC Mining.
The loan will be advanced to MC Mining’s wholly-owned GVM Metals Administration subsidiary, in South Africa.
The facility reflects the continued shareholder support to MC Mining, says interim chairperson Mathews Senosi, adding that the facility will contribute towards general working capital and group overheads.
The company is assessing its corporate and project operational, as well as overhead, costs, which are all needed to advance the company’s collieries and development projects, as well as exploration.
MC Mining’s key projects include the Uitkomst Colliery (metallurgical and thermal coal), the Makhado project (steelmaking hard coking coal), the Vele Colliery (steelmaking semi-soft coking and thermal coal), and the Greater Soutpansberg projects (steelmaking coking and thermal coal).