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MC Mining Ltd said on Thursday its annual loss shrank as the coal producer explored several ways to raise additional funding for its flagship Makhado coking coal project in Limpopo. The Western Australia-based coal miner in South Africa owns Uitkomst Colliery, an operating metallurgical and thermal coal mine, and Makhado project, an exploration and evaluation asset. For the financial year that ended June 30, pretax profit narrowed to $4.0 million from $20.7 million a year earlier. Revenue surged by 91% to $44.8 million from $23.5 million. MC Mining said production at its Uitkomst Colliery production was at 444,984 tonnes, down 5.4% from 470,597 tonnes. Uitkomst sold 241,366 tonnes of coal, up 7.2% from 225,096 tonnes. The coal producer said the marketing agreement provided access to the more lucrative international market and Uitkomst generated sales revenue of $34.2 million, from $23.5 million, with $11.4 million derived from export coal sales. Over 12 months, loss per share narrowed to 1.46 US cents from 11.41 cents. MC Mining expects the development of the Makhado project to start within 12 months. The flagship has the required regulatory approvals and surface rights over the mining and processing areas and is ‘shovel ready’. The group said it expects funding for Makhado to be concluded in the second half of 2023. It has started the process to select the outsourced mining contractor, and plant and laboratory operators, which are expected to be completed during the fourth quarter this year. Shares in MC Mining eased 0.5% to R 2.22 on Thursday afternoon in Johannesburg. In London, they shed 6.7% to 8.03 pence. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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