Wrap Text
Resignation of Chief Executive Officer and Executive Director
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 31 January 2020
RESIGNATION OF CHIEF EXECUTIVE OFFICER AND EXECUTIVE DIRECTOR
MC Mining Limited (“MC Mining” or "the Company") announces that after seven
and a half years at the Company, David Brown will step down as Chief Executive
Officer (“CEO”) and Executive Director with effect from 31 January 2020 to
pursue his own interests. David will continue to be available until 31 March
2020 for any handover and to assist the Board in any relevant matters.
Brenda Berlin, the Company’s Chief Financial Officer (“CFO”) will now serve
as Acting CEO with a focus on securing the required funding for the
development of our flagship Makhado hard coking coal project (“Makhado
Project” or “Makhado”). The process to raise the $52 million composite debt/
equity funding necessary for Makhado Phase 1 is progressing and the Company
secured debt funding of $17 million from the Industrial Development
Corporation of South Africa Limited during H2 CY2019.
David joined MC Mining in August 2012 as Chairman, serving as Executive
Chairman from June 2013 and was appointed as CEO in February 2014. He has
guided the Company in a challenging business environment, accompanied by
periods of significant commodity price volatility. David completed an
extensive restructuring of MC Mining’s balance sheet, followed by the
progression of the Company’s hard coking coal assets and the acquisition of
the cash generative Uitkomst Colliery. David has also worked closely with
Brenda to secure funding for the development of the Makhado Project.
Commenting today Bernard Pryor, MC Mining’s Chairman said: “On behalf of the
Board and shareholders I would like to thank David for his commitment and
extensive contribution and wish him well in his future endeavours. David has
played a pivotal role in the development of the Company, positioning MC
Mining to be the pre-eminent producer of hard coking coal in South Africa.
I am pleased that Brenda has accepted the role of Acting CEO in this key
period. She has significant capital raising experience, amongst other areas,
having been the CFO of Impala Platinum Holdings Limited for a period of seven
years prior to joining MC Mining.”
Authorised by
Bernard Pryor
Chairman
This announcement is inside information for the purposes of Article 7 of
Regulation 596/2014.
For more information contact:
Brenda Berlin CFO and Acting MC Mining Limited +27 10 003 8000
CEO
Tony Bevan Company Secretary Endeavour Corporate +61 08 9316
Services 9100
Company advisors:
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. MC Mining’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 (coking and thermal coal).
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 MC Mining’s ability to control or estimate
precisely, such as future market conditions, changes in regulatory environment and
the behaviour of other market participants. MC Mining 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. MC Mining
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.
Date: 31-01-2020 11:34:00
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