Wrap Text
Report for the Quarter ended 31 December 2018
MC Mining Limited
Previously Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000MCM9
JSE share code: MCZ
ASX/AIM code: MCM
ANNOUNCEMENT 25 January 2019
REPORT FOR THE QUARTER ENDED 31 DECEMBER 2018
SIGNIFICANT MAKHADO PROJECT MILESTONES ATTAINED
MC Mining Limited (“MC Mining” or the “Company”) which operates in South
Africa, together with its subsidiaries, hereby provides its update for the
three months ended 31 December 2018, the second quarter (the “Quarter”) of
the 30 June 2019 financial year. All figures are denominated in United States
dollars unless otherwise stated. A copy of this report is available on the
Company's website, www.mcmining.co.za.
Salient operational features
- One lost-time injury (“LTI”) was recorded during the Quarter (FY2019 Q1:
nil) at the Uitkomst metallurgical and thermal coal colliery (“Uitkomst
Colliery” or “Uitkomst” or the “Colliery”);
- Uitkomst Colliery run of mine (“ROM”) coal production decreased to 112,562
tonnes (“t”) (FY2018 Q2: 140,501t) due to continued equipment availability
issues, incorporating ex-mining contractor staff into new systems and
process challenges following transition to owner mining in August 2018.
A number of shifts were lost due to these issues and corrective action
has been implemented and improved production is expected in Q3 FY2019;
- The reduction in ROM coal production resulted in sales of metallurgical,
high quality and blended thermal decreasing to 67,606t from the
comparative period’s 94,271t;
- As expected, no coal was purchased from third parties due to supply
contracts expiring in FY2018 (FY2018 Q2: 35,414t);
- Favourable thermal coal prices resulted in an average revenue per saleable
tonne of $91.25 (Q2 FY2018: $61.09/t);
- Commencement of plant modifications at Uitkomst to facilitate the
production of an additional high ash, coarse discard product;
- Agreement on the terms and conditions for the acquisition of the Lukin
and Salaita properties, the remaining two key surface rights required for
the Makhado hard coking and thermal coal project (“Makhado Project” or
“Makhado”);
- Coal Purchase Agreement with Huadong Coal Trading Center Co, Ltd
(“HDCTC”), a Chinese state-owned enterprise, for the off-take of up to
450,000t per annum of hard coking coal (“HCC”) to be produced by the
Makhado Project;
- Completion of a large diameter borehole drilling programme on the Makhado
Project area confirming the plant front-end engineering and design
(“FEED”) criteria;
- The South African Department of Mineral Resources (“DMR”) granted a mining
right for MC Mining’s 74% owned Chapudi coking and thermal coal project
(“Chapudi Project”), one of the three projects comprising the Company’s
longer-term Greater Soutpansberg Project (“GSP”) situated in the
Soutpansberg Coalfield of the Limpopo Province; and
- Vele coking and thermal coal colliery (“Vele Colliery”) remained on care
and maintenance during the Quarter.
Corporate and financial features
- R20 million ($1.4 million) ABSA Bank Limited (“ABSA”) primary lending
facility (the “Facility”) secured by Uitkomst;
- Available cash at Quarter-end of $5.4 million ($10.4 million at the end
of September 2018) with restricted cash of $0.03 million. Available cash
reduced by $2.5 million with the payment during the Quarter of the first
tranche for Lukin and Salaita; and
- Hard coking coal prices remained above the long-term pricing expectations
while South African API4 thermal coal prices softened somewhat but
remained above $90/t during the Quarter.
Subsequent events
- Satisfaction of the conditions for the acquisition of the Lukin and
Salaita, resulting in the transfer of the properties to Baobab Mining &
Exploration (Pty) Ltd (“Baobab”), the owner of the Makhado Project.
David Brown, CEO commented:
“We made significant progress on our Makhado Project milestones during the
Quarter, including agreeing the terms to acquire key surface rights and an
off-take agreement for approximately half of the Makhado ‘Lite’ HCC
production. The acquisition of the Lukin and Salaita properties completes
the suite of surface rights required for Makhado and clears a major hurdle
to the development of the project. South Africa is traditionally a producer
of thermal coal and currently has no significant HCC production.
The signing of the HCC off-take Agreement with HDCTC reaffirms Makhado’s
world-class coal qualities and reflects the international appetite for this
type of coking coal. Export sales stand to positively contribute to the
national balance of payments and positions MC Mining as South Africa’s pre-
eminent producer of high-grade metallurgical coal. Negotiations for the sale
of the remaining HCC as well as the thermal coal are at an advanced stage
while funding initiatives are also progressing and we anticipate finalising
all off-take agreements by the end of June 2019.
The granting of the mining right for the Chapudi Project is a further step
in unlocking value from MC Mining’s significant coking and thermal coal
assets and the GSP is positioned to be a potential long-term coal supplier
to the planned Musina-Makhado SEZ. The Mopane and Generaal Project mining
right applications are at an advanced stage and we anticipate that these
will be granted in the near future. Once the full suite of mining rights
have been granted, we will commence with the various studies required for
the water and environmental regulatory approvals.
The mining operations at Uitkomst were insourced during August 2018 and the
integration of the approximately 340 staff as well as equipment and systems
continued during the Quarter. The integration as well as the commissioning
of additional equipment affected ROM production and this will improve during
the March 2019 period. We also commenced with the construction of the coarse
discard plant modifications during the Quarter and this expansion is expected
to yield an additional 40,000t of saleable product per year.”
QUARTERLY COMMENTARY
Uitkomst Colliery – Utrecht Coalfields (70% owned)
Uitkomst is a high-grade thermal export quality coal deposit with
metallurgical applications employing approximately 554 employees. One LTI
was recorded during the Quarter (FY2019 Q1: nil) when an underground operator
injured his foot.
Coal produced at the Colliery is sold into the domestic metallurgical and
thermal markets for use as pulverised coal while the peas are supplied for
local energy generation requirements. The underground mining contractor
operations acquired during Q1 FY2019 resulted in the Colliery having to
undertake a substantial amount of machinery maintenance during the Quarter
together with the continued integration of staff, assets and systems,
including additional safety training. The bedding down of the underground
mining operations has taken longer than anticipated, resulting in reduced
equipment availability and above normal maintenance costs to ensure equipment
was readied for the next period. In addition, new machinery purchased during
the previous quarter has been delivered and is operational with improved
availability that will positively impact Q3 FY2019. The re-organisation of
underground mining operations via the implementation of alternative shift
programmes resulted in fewer shifts compared to Q2 FY2018, reducing ROM
production by approximately 9,500t. The new shift programme facilitates
increased time underground per shift, improving productivity.
The underground mining integration process resulted in ROM production
declining to 112,562t compared to 140,501t in Q2 FY2018 and due to the expiry
of a coal supply agreement in FY2018, no ROM coal purchased from third
parties (FY2018 Q2: 35,414t). Uitkomst generated sales of 68,359t (FY2018
Q2: 142,843t) and has a further 7,361t of saleable inventory that will be
sold in the March 2019 quarter. The coal sold in the comparable period
includes 31,371t (FY2019 Q2: 753t) derived from purchased ROM coal and
17,201t of slurry product (FY2019 Q2: nil) that was blended and sold to
customers.
The Company identified an opportunity to extract saleable product from
Uitkomst’s discard coal and this project will yield an estimated 40,000t of
high-ash thermal coal per annum. Construction of the R8.7 million ($0.6
million) plant modifications to accomplish this commenced during the Quarter
and were completed in January 2019 with the first sales expected soon
thereafter. In addition, the Colliery continues to evaluate potential
alternative suppliers of third party ROM coal for blending or processing.
The Colliery benefitted from favourable coal prices and generated a similar
EBITDA for the first half of FY2019 compared to H1 FY2018. The higher coal
prices and the change in sales mix to include primarily higher quality
Uitkomst coal, resulted in revenue/t increasing 49% to $91.25/t (FY2018 Q2:
61.09/t). Notwithstanding ROM production declining 20%, production costs
only increased by 13% compared Q2 FY2018 and included additional maintenance
spend to improve mining equipment availability.
Quarter to Quarter to
end-December end-December
2018 2017 %
Production tonnages
Uitkomst ROM (t) 112 562 140 501 (20%)
Purchased ROM to blend (t) - 35 414 (100%)
112 562 175 915 (36%)
Quarter to Quarter to
end-December end-December
2018 2017 %
Sales tonnages
Own ROM (t) 67 606 94,271 (28%)
Slurry used for blending (t) - 17 201 (100%)
Purchased ROM to blend (t) 753 31 371 (98%)
68 359 142 843 (52%)
Quarter financial metrics
Revenue/t ($) 91.25 61.09 49%
Revenue/t (ZAR) 1 306 833 57%
Production cost/ROM tonnes
48.92 43.47 13%
($)
The Uitkomst Colliery life of mine, currently estimated at 16 years, includes
the development of a north adit (horizontal shaft) and the optimal position
for the new adit has been identified. This development will improve operating
efficiencies by reducing travel periods for employees and equipment and has
the potential to increase ROM production. The Colliery awaits approval from
the Department of Water and Sanitation for the amendment to its Integrated
Water Use License prior to this development commencing.
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (95% owned - 69%
post BEE and Industrial Development Corporation Limited transactions)
The Makhado Project recorded no LTIs (FY2019 Q1: nil) during the Quarter.
Progress on the development of the Makhado Project was previously affected
by lack of access to the key Lukin and Salaita properties in order to complete
geotechnical drilling and confirm amongst other things, the positioning of
processing plant infrastructure. This issue was finalised when the owners
agreed to sell the properties and legal title to the Lukin and Salaita farms
was transferred to Baobab in early January 2019.
In terms of the Purchase Agreement, the properties have been acquired for
R70 million ($5.0 million) and the first tranche of R35 million ($2.5 million)
was deposited during the Quarter in anticipation of transfer. The balance of
the purchase price is payable within a maximum payment period of three years
from date of transfer and is secured against the properties
The Company commenced large diameter drilling on the Makhado Project area
during the Quarter. The information yielded from these holes will be used to
confirm the coal handling and processing plant design criteria and will be
used in the FEED process, expected to commence towards the end of Q3 FY2019.
South Africa produces significant quantities of thermal coal but has a very
limited domestic supply of high-quality metallurgical coal, resulting in
coke producers having to import HCC for the manufacture of metallurgical
coke, a key ingredient for steel production. HCC typically attracts a
significantly higher sales price compared to thermal coal and MC Mining
anticipates that once developed, the Makhado Project will be the only
significant HCC mine in South Africa.
Negotiations for off-take have been ongoing and resulted in the signature of
a three-year off-take agreement with HDCTC during the Quarter. HDCTC is a
Chinese state-owned enterprise and a subsidiary of the China Forestry Group
Corporation, the owner of substantial logistics infrastructure including
780,000t of berth-space in China. HDCTC has logistics and bulk commodity
trading interests and traded in excess of five million tonnes of iron ore
and coal during the past two years.
The off-take agreement confirms the quality and marketability of the HCC and
will result in Makhado supplying up to 450,000t of HCC to HDCTC annually. In
terms of the agreement, HCC will be sold at prices linked to a published
index price. Discussions with other potential HCC and export thermal coal
customers as well as project funders are ongoing.
The approval for the Makhado Project Environmental Authorisation Amendment
(“EA Amendment”) for the transport of coal to the Musina rail siding by
road rather than rail was previously granted by the both the DMR and the
Limpopo Department of Economic Development, Environment and Tourism. These
decisions were appealed in Q1 FY2019 resulting in the suspension of the EA
Amendment. MC Mining continues to liaise with the regulatory authorities and
is confident that a decision on this matter will be received during the March
2019 quarter.
Vele Coking and Thermal Coal Colliery – Limpopo (Tuli) Coalfield (100% owned)
The Vele Colliery remained on care and maintenance during the Quarter and no
LTIs were recorded during the period (FY2019 Q1: nil).
No further developments to report during the Quarter.
Greater Soutpansberg Project (MbeuYashu) – Soutpansberg Coalfield (74% owned)
The MbeuYashu Project recorded no LTIs (FY2019 Q1: nil) during the Quarter.
During the Quarter the DMR granted the Chapudi Project mining right that,
together with the Mopane and Generaal Projects, comprise the Company’s
longer-term GSP. The GSP is located within close proximity to the Musina-
Makhado Special Economic Zone (“SEZ”), an area designated by the South
African government to focus on amongst others, energy and metallurgical
processing.
The Chapudi mining right approval is the first of the three GSP mining right
applications submitted to the DMR during 2013 and the project contains over
6.3 billion gross tonnes in situ of inferred coal resources1. The granting
of the Chapudi Project mining right is a key step to unlocking value from MC
Mining’s significant coal assets and positions the GSP to be a potential
long-term coal supplier to the planned SEZ, as well as other markets. The
Mopane and Generaal Project mining right applications are at an advanced
stage and MC Mining anticipates that these will be granted in the near
future, following which, the Company will commence with the various studies
required for the outstanding water and environmental regulatory approvals.
Corporate
Following the transition to an owner-operated mine during the September 2018
quarter, Uitkomst secured a R20 million ($1.4 million) Facility from ABSA
Bank Limited, a major South African financial services provider. The Facility
will be used to fund short-term working capital requirements and potential
expansion opportunities. The Facility has a floating coupon at the South
African Prime rate (currently 10.25% per annum) plus 1.0%, with Uitkomst
debtors ceded as security, and is subject to annual review.
Markets
The hard coking coal price remained stable during the Quarter and long-term
forecasts reflect favourable pricing based on market fundamentals. The API4
thermal coal price softened slightly from $102/t in September 2018 to the
mid-ninety dollar range during the Quarter.
Authorised by
David Brown
Chief Executive Officer
For more information contact:
David Brown Chief Executive MC Mining Limited +27 10 003 8000
Officer
Brenda Berlin Chief Financial MC Mining Limited +27 10 003 8000
Officer
Tony Bevan Company Secretary Endeavour Corporate +61 08 9316
Services 9100
Company advisors:
Jos Simson/ Gareth Financial PR Tavistock +44 20 7920
Tredway (United Kingdom) 3150
Ross Allister/David Nominated Adviser Peel Hunt LLP +44 20 7418
McKeown and Broker 8900
Charmane Russell/Olwen Financial PR R&A Strategic +27 11 880 3924
Auret (South Africa) Communications
Investec Bank Limited is the nominated JSE Sponsor
About MC Mining Limited:
MC Mining is an AIM/ASX/JSE listed coal exploration, development and mining company
operating in South Africa. MCM’s key projects include the Uitkomst Colliery
(metallurgical coal), Makhado Project (coking and thermal coal). Vele Colliery (coking
and thermal coal), and the Greater Soutpansberg Projects (MbeuYashu).
Forward-Looking Statements
This Announcement, including information included or incorporated by reference in
this Announcement, may contain "forward-looking statements" concerning MC Mining that
are subject to risks and uncertainties. Generally, the words "will", "may", "should",
"continue", "believes", "expects", "intends", "anticipates" or similar expressions
identify forward-looking statements. These forward-looking statements involve risks
and uncertainties that could cause actual results to differ materially from those
expressed in the forward-looking statements. Many of these risks and uncertainties
relate to factors that are beyond MCM’s ability to control or estimate precisely,
such as future market conditions, changes in regulatory environment and the behaviour
of other market participants. MCM cannot give any assurance that such forward-looking
statements will prove to have been correct. The reader is cautioned not to place
undue reliance on these forward looking statements. MCM assumes no obligation and do
not undertake any obligation to update or revise publicly any of the forward-looking
statements set out herein, whether as a result of new information, future events or
otherwise, except to the extent legally required.
Statements of intention
Statements of intention are statements of current intentions only, which may change
as new information becomes available or circumstances change.
MC Mining has ensured that the mineral resources quoted are subject to good governance
arrangements and internal control. The Company has engaged external independent
consultants to update the mineral resource in accordance with the JORC Code 2012 and
SAMREC 2016. The units of measure in this report are metric, with Tonnes (t) =
1,000kg. Technical information that requires subsequent calculations to derive
subtotals, totals and weighted averages may involve a degree of rounding and
consequently introduce an error. Where such errors occur MC Mining does not consider
them to be material.
Coal Resources completed for the Greater Soutpansberg Project - Mineral Resources:
MC Mining completed a review and update to its Mineral Resource for the GSP during
2017. The review and verification was undertaken by Venmyn Deloitte (Pty) Ltd,
commissioned to prepare an Independent Competent Persons report in accordance with
the AIM Rules. The Coal Resources for the GSP assets were estimated and signed-off
by MC Mining's Competent Person, Mr J Sparrow (Pr.Sci.Nat.) (MC Mining's Group
Geologist.
1 The GSP independent Competent Persons Report can be found on the Company’s website:
http://www.mcmining.co.za/our-business/projects/gsp-mbeu-yashu
9
Tenements held by MC Mining and its Controlled Entities
Change
Project during
Name Tenement Number Location Interest Quarter
Chapudi Albert 686 MS µ Limpopo~ 74%
Project* Bergwater 712 MS µ 74%
Remaining Extent and Portion 2 of 74%
Bergwater 697 MS µ
Blackstone Edge 705 MS µ 74%
Remaining Extent & Portion 1 of 74%
Bluebell 480 MS µ
Remaining Extent & Portion 1 of 74%
Bushy Rise 702 MS µ
Castle Koppies 652 MS µ 74%
Chapudi 752 MS µ 74%
Remaining Extent, Portions 1, 3 & 74%
4 of Coniston 699 MS µ
Driehoek 631 MS µ 74%
Remaining Extent of Dorps-rivier 74%
696 MS µ
Enfield 512 MS (consolidation of 74%
Remaining Extent of Enfield 474
MS, Brosdoorn 682 MS & Remaining
Extent of Grootvlei 684 MS) µ
Remaining Extent and Portion 1 of 74%
Grootboomen 476 MS µ 74%
Grootvlei 684 MS µ 74%
Kalkbult 709 MS µ 74%
Remaining Extent, Remaining Extent 74%
of Portion 2, Remaining Extent of
Portion 3, Portions 1, 4, 5, 6, 7
& 8 of Kliprivier 692 MS µ
Remaining Extent of Koodoobult 664 74%
MS µ
Koschade 657 MS (Was Mapani Kop 74%
656 MS)µ
Malapchani 659 MS µ 74%
Mapani Ridge 660 MS µ 74%
Melrose 469 MS µ 74%
Middelfontein 683 MS µ 74%
Mountain View 706 MS µ 74%
M'tamba Vlei 654 MS µ 74%
Remaining Extent & Portion 1 of 74%
Pienaar 635 MS µ
Remaining Extent & Portion 1 of 74%
Prince's Hill 704 MS µ
Qualipan 655 MS µ 74%
Queensdale 707 MS µ 74%
Remaining Extent & Portion 1 of 74%
Ridge End 662 MS µ
Remaining Extent & Portion 1 of 74%
Rochdale 700 MS µ
Sandilands 708 MS µ 74%
Portions 1 & 2 of Sandpan 687 MS µ 74%
Sandstone Edge 658 MS µ 74%
Remaining Extent of Portions 2 & 3 74%
of Sterkstroom 689 MS µ
10
Change
Project during
Name Tenement Number Location Interest Quarter
Sutherland 693 MS µ 74%
Remaining Extent & Portion 1 of 74%
Varkfontein 671 MS µ
Remaining Extent, Portion 2, 74%
Remaining Extent of Portion 1 of
Vastval 477 MS µ
Vleifontein 691 MS µ 74%
Ptn 3, 4, 5 & 6 of Waterpoort 695 74%
MS µ
Wildebeesthoek 661 MS µ 74%
Woodlands 701 MS µ 74%
Kanowna M27/41 Coolgardie^ 2.99%
West and M27/47 2.99%
Kalbara M27/59 2.99%
M27/72,27/73 2.99%
M27/114 2.99%
M27/181 7.88%
M27/196 2.99%
M27/414,27/415 2.99%
P27/1826-1829 2.99%
P27/1830-1842 2.99%
P27/1887 2.99%
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 69%#
Project Lukin 643 MS 69%#
Mutamba 668 MS 69%#
Salaita 188 MT 69%#
Tanga 849 MS 69%#
Daru 848 MS 69%#
Windhoek 847 MS 69%#
Generaal Beck 568 MS-- Limpopo~ 74%
Project* Bekaf 650 MS- 74%
Remaining Extent & Portion 1 of 74%
Boas 642 MS-
Chase 576 MS- 74%
Coen Britz 646 MS- 74%
Fanie 578 MS- 74%
Portions 1, 2 and Remaining Extent 74%
of Generaal 587 MS-
Joffre 584 MS- 74%
Juliana 647 MS 74%
Kleinenberg 636 MS- 74%
Remaining Extent of Maseri Pan 520 74%
MS-
Remaining Extent and Portion 2 of 100%
Mount Stuart 153 MT--
Nakab 184 MT-- 100%
Phantom 640 MS-- 74%
Riet 182 MT-- 100%
Change
Project during
Name Tenement Number Location Interest Quarter
Rissik 637 MS- 100%
Schuitdrift 179 MT- 100%
Septimus 156 MT-- 100%
Solitude 111 MT- 74%
Stayt 183 MT-- 100%
Remaining Extent & Portion 1 of 100%
Terblanche 155 MT--
Van Deventer 641 MS- 74%
Wildgoose 577 MS- 74%
Mopane Ancaster 501 MS-- Limpopo~ 100%
Project* Banff 502 MS- 74%
Bierman 599 MS- 74%
Cavan 508 MS 100%
Cohen 591 MS-- 100%
Remaining Extent, Portions 1 & 2 74%
of Delft 499 MS-
Dreyer 526 MS-- 74%
Remaining Extent of Du Toit 563 74%
MS-
Faure 562 MS 74%
Remaining Extent and Portion 1 of 74%
Goosen 530 MS --
Hermanus 533 MS- 74%
Jutland 536 MS-- 100%
Krige 495 MS- 74%
Mons 557 MS- 100%
Remaining Extent of Otto 560 MS 74%
(Now Honeymoon)-
Remaining Extent & Portion 1 of 74%
Pretorius 531 MS-
Schalk 542 MS- 74%
Stubbs 558 MS- 100%
Ursa Minor 551 MS-- 74%
Van Heerden 519 MS-- 74%
Portions 1, 3, 4, 5, 6, 7, 8, 9, 74%
Remaining Extent of Portion 10,
Portions 13, 14, 15, 16, 17, 18,
19, 20, 21, 22, 23, 24, 26, 27,
29, 30, 35, 36, 37, 38, 39, 40,
41, 44, 45, 46, 48, 49, 50, 51, 52
& 54 of Vera 815 MS
Remaining Extent of Verdun 535 MS- 74%
Voorburg 503 MS— 100%
Scheveningen 500 MS- 74%
Uitkomst Portion 3 (of 2) of Kweekspruit KwaZulu- 70%
Colliery No. 22 Natal~
and Portion 8 (of 1) of Kweekspruit 70%
prospects No. 22
Remainder of Portion 1 of Uitkomst 70%
No. 95
Portion 5 (of 2) of Uitkomst No. 70%
95
Change
Project during
Name Tenement Number Location Interest Quarter
Remainder Portion1 of Vaalbank No. 70%
103
Portion 4 (of 1) of Vaalbank No. 70%
103
Portion 5 (of 1) of Vaalbank No. 70%
103
Remainder of Portion 1 of 70%
Rustverwacht No. 151
Remainder of Portion 2 of 70%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 70%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 70%
No.151
Portion 5 (of 1) Rustverwacht No. 70%
151
Remainder of Portion 6 (of 1) of 70%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht 70%
No. 151
Portion 8 (of 2) of Rustverwacht 70%
No. 151
Remainder of Portion 9 (of 2) of 70%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 70%
No. 151
Portion 12 (of 9) of Rustverwacht 70%
No. 151
Portion 13 (of 2) of Rustverwacht 70%
No. 151
Portion 14 (of 2) of Rustverwacht 70%
No. 151
Portion 15 (of 3) of Rustverwacht 70%
No. 151
Portion 16 (of 3) of Rustverwacht 70%
No. 151
Portion 17 (of 2) of Rustverwacht 70%
No. 151
Portion 18 (of 3) of Waterval No. 70%
157
Remainder of Portion 1 of 70%
Klipspruit No. 178
Remainder of Portion 4 of 70%
Klipspruit No. 178
Remainder of Portion 5 of 70%
Klipspruit No. 178
Portion 6 of Klipspruit No. 178 70%
Portion 7 (of 1) of Klipspruit No. 70%
178
Portion 8 (of 1 )of Klipspruit No. 70%
178
Portion 9 of Klipspruit No. 178 70%
Remainder of Portion 10 (of 5) of 70%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit 70%
No. 178
Change
Project during
Name Tenement Number Location Interest Quarter
Portion 13 (of 4) of Klipspruit 70%
No. 178
Remainder of Portion 14 of 70%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit 70%
No. 178
Portion 18 of Klipspruit No. 178 70%
Portion 23 of Klipspruit No. 178 70%
Remainder of Portion 1 of 70%
Jackalsdraai No. 299
Remainder of Jericho B No. 400 70%
Portion 1 of Jericho B No. 400 70%
Portion 2 of Jericho B No. 400 70%
Portion 3 of Jericho B No. 400 70%
Remainder of Jericho C No. 413 70%
Portion 1 of Jericho C No. 413 70%
Remainder of Portion 1 of Jericho 70%
A No. 414
Remainder of Portion 2 (of 1) of 70%
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 70%
414
Portion 4 (of 1) of Jericho A No. 70%
414
Portion 5 (of 2) of Jericho A No. 70%
414
Portion 6 (of 1) of Jericho A No. 70%
414
Margin No. 420 70%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
Tshikunda Certain portions of Unsurveyed Limpopo~ 60%
State Land known as Mutale
* Form part of the Greater Soutpansberg Projects
- Lapsed – Mining Right Application Lodged
-- Valid – Mining Right Application Lodged
~ Tenement located in the Republic of South Africa
^ Tenement located in Australia
# MCM’s interest will reduce to 69% on completion of the 26% Broad Based BEE
transaction
µ Mining Right granted during the Quarter
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