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MC Mining Ltd on Thursday said that the Industrial Development Corporation of South Africa Ltd has extended the date for repayment of its loan for the development of the Makhado licence, its premier hard coking project.
MC Mining is a coal exploration, development and mining company operating in South Africa. Its key projects include the Uitkomst Colliery, Makhado Project, Vele Colliery, and the Greater Soutpansberg Projects.
The original repayment date for the R 160 million loan, around $9.4 million, was November 30. It has now been extended, alongside the terminal draw down date for the additional R245 million loan facility, to June 30, 2023.
Draw down of the additional R 245 million remains subject to the IDC confirming its due diligence and credit approval.
MC Mining said that the IDC was continuing to provide support for the development of its flagship, fully permitted Makhado project. The licence has a life of mine in excess of 22 years, and is expected to position MC Mining as South Africa’s pre-eminent hard coking coal producer.
The IDC holds 6.7% equity in the project via its interest in Baobab Mining & Exploration Ltd, subsidiary of MC Mining.
MC Mining shares were trading 7.0% higher at 14.18 pence each in London on Thursday afternoon.
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