MC Mining Ltd - Canberra, Australia-based developer of coal mines across South Africa - Expects takeover by Goldway Capital Investment Ltd to be completed on Tuesday. The 16 Australian cent takeover offer was declared unconditional on April 8. Last week, Goldway said it has 93% of MC Mining's shares.
MC Mining says coal prices remain depressed in the third quarter of its financial year. For international thermal coal, average API4 index prices are USD97 per tonne in the quarter that ended March 31, down from USD116 in second quarter and USD146 in third quarter of financial 2023. Premium steelmaking hard coking coal prices, however, remain elevated, averaging USD312 per tonne for the third quarter, compared USD280 in the same quarter last year.
MC Mining says run-of-mine coal production at the Uitkomst steelmaking and thermal coal mine in the third quarter is 14% higher at 115,909 tonnes from 101,616 tonnes a year before. Uitkomst sells 75,590 tonnes of high-grade coal in the period, slightly up from 75,231 tonnes a year ago. Says it conducted limited activities at the Makhado steelmaking hard coking coal project during the third quarter. Completes downscaling operations at the Vele Aluwani colliery in January.
Current stock price in London: 7.55 pence
12-month change: down 38%
Current stock price in Johannesburg: ZAR1.80
12-month change: down 38%
Current stock price in Sydney: AUD0.16
12-month change: down 20%
By Artwell Dlamini, Alliance News reporter
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