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MC MINING LIMITED - Report for the quarter ended 31 March 2018

Release Date: 26/04/2018 08:00
Code(s): MCZ     PDF:  
Wrap Text
Report for the quarter ended 31 March 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                                                          

26 April 2018

REPORT FOR THE QUARTER ENDED 31 MARCH 2018

UITKOMST FINALISES TERMS OF BLACK ECONOMIC EMPOWERMENT TRANSACTION

MC Mining Limited (“MCM” or “MC Mining” or the “Company”) which operates in
South Africa, together with its subsidiaries, hereby provides its update for
the quarter ended 31 March 2018 (the “Quarter”). 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
-    A positive safety performance with no lost-time injuries (“LTIs”) during
     the Quarter (FY2018 Q2: nil);

-     The Uitkomst metallurgical and thermal coal colliery (“Uitkomst Colliery”
      or “Uitkomst”) produced 115,750 tonnes (“t”) of run of mine (“ROM”) coal
      during the period, down 18% on the previous quarter primarily due to
      reduced mining contractor equipment availability;

      The lack of available third party coal during the Quarter resulted in no
      blending ROM coal being purchased (FY2018 Q2: 23,437t) together with a
      decline (8,838t vs. 11,977t) in available third party ROM coal for
      processing;

-     The shortage of buy-in coal combined with the reduced ROM coal and elevated
      stock levels at Quarter-end due to rainfall affecting loading of trucks,
      resulted in Uitkomst’s sales of metallurgical, high quality and blended
      thermal coal sales volumes reducing from 142,843t in the previous quarter
      to 70,627t in the Quarter;

-     Despite this, the relative contribution per tonne of coal increased 42%
      against the previous quarter due to a change in sales mix as no lower
      margin slurry was sold during the Quarter and Uitkomst remained cash
      generative during the period;

-     Vele coking and thermal coal colliery (“Vele Colliery”) was granted an
      Integrated Water Use Licence (“IWUL”) by the South African Department of
      Water and Sanitation (“DWS”) in terms of the National Water Act (Act 36
      of   1998)  for   the   colliery’s  stream   diversion  and   associated
      infrastructural activities, the outstanding regulatory approval required
      for the plant modification process.

Corporate and financial features

-  Conclusion of negotiations with Black Economic Empowerment (“BEE”)
   partners during the Quarter with formal documentation completed in early
   April 2018, resulting in Uitkomst being compliant with the South African
   Mining Charter empowerment ownership requirements;

-   Brenda Berlin commences as Chief Financial Officer of the Company during
    the Quarter and was appointed as an Executive Director in April 2018
    together with An Chee Sin and “Brian” He Zhen who were appointed as Non-
    Executive Directors;

-   Available cash at Quarter-end of $11.7 million ($9.7 million at the end
    of December 2017) and restricted cash of $0.05 million;

-   Hard coking coal prices reduced but are still above the long-term pricing
    trend while South African export thermal coal prices were steady during
    the Quarter.


QUARTERLY COMMENTARY

Uitkomst Colliery – Utrecht Coalfields (91% owned, 70% post BEE transaction)
The Uitkomst Colliery employs approximately 573 employees (including
contractors) and reported no LTIs during the Quarter (FY2018 Q2: nil) and
has now completed over 600 consecutive LTI-free days.

Uitkomst comprises the existing underground coal mine with two underground
sections and planned mine extension directly to the north of current
operations with circa 16 years remaining life of mine (“LOM”). The colliery
previously applied for an amendment to its IWUL to develop a north adit
(horizontal shaft) and awaits this approval. Uitkomst sells sized coal (peas)
products with the 0 to 40mm product sold into the domestic metallurgical
market for use as pulverised coal while the peas are supplied to local energy
generation facilities.

The underground operations at Uitkomst have historically been undertaken by
an independent contract miner. The contract miner experienced equipment
availability challenges during the Quarter resulting in reduced ROM
production and, as a result, the Company is in discussions with the mining
contractor to resolve these issues. The Uitkomst Colliery produced 115,750t
of ROM coal during the three months, 18% lower than the previous quarter. In
addition, ROM coal is purchased from third party collieries, processed or
blended and sold. The contract with the supplier expired during the Quarter
and replacement sources are being investigated.

The reduced availability of third party ROM coal and higher inventory levels
at Quarter-end, resulted in overall sales for the three months declining 51%




                                                                           2
(70,627t vs. 142,843t). This comprised a 33% (30,668t) reduction in sales of
coal produced from Uitkomst ROM and a 41,548t reduction in sales emanating
from purchased ROM. Uitkomst sized coal stock levels at the end of March
2018 were 5,420t higher than December 2017 due to rain affecting the number
of trucks that could access site at the end of the period, delaying sales.
However, Uitkomst was cash generative for the three months as detailed in
the positive operating cash movement in the Appendix 5B (released under
separate cover) while the stockpiled coal will be sold during the June 2018
quarter.

Despite revenue being adversely affected by a 12% stronger South African
rand against the US dollar during the Quarter, the relative revenue per tonne
improved. This is due to the change in sales mix as no lower cost slurry was
sold during the Quarter (FY2018 Q2: 17,201t sold). The sales volumes of
higher margin Uitkomst ROM coal were adversely affected by rain in March
2018, preventing trucks accessing site. Mining and processing (production)
costs were largely in line with the previous quarter (the numbers below are
unaudited and extracted from Uitkomst’s management accounts) with unit
production costs increasing due to the 24,347t (78%) decline in sales of
purchased ROM for processing and blending.

                              Quarter to      Quarter to
                               end-March     end-December
                                  2018           2017
                                   (t)            (t)               %
Production tonnages
Uitkomst ROM                    115 750         140 501           -18%
Purchased ROM to blend           8 838           35 414           -75%
                                124 588         175 915           -29%

Sales tonnages                     t                t
Own ROM                         63 603           94 271            -33%
Slurry used for blending           -             17 201           -100%
Purchased ROM to blend           7 024           31 371            -78%
                                70 627          142 843            -51%
Quarter financial metrics
Revenue/t ($)                    86.99           61.09             42%
Revenue/t (ZAR)                  1 044            833              25%
Production cost/ saleable
                                 74.07           43.47             70%
tonnes ($)

In order to meet the requirements of the South African Mining Charter, the
Company concluded the process of selling an additional 21% interest in
Uitkomst to BEE shareholders on a vendor financed basis. Negotiations
relating to this transaction were finalised during the Quarter and the formal
documents were completed in April 2018 and will result in the current BEE
shareholders that includes inter alia employees and local communities,
increasing their interest in the Uitkomst Colliery. Due to the vendor
financing nature of the transaction it will not materially affect cash flows
attributable to MC Mining during the repayment period.




                                                                           3
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (95% owned - 69%
post BEE and Industrial Development Corporation Limited transactions)
The Makhado hard coking and thermal coal project (“Makhado Project” or
“Makhado”) recorded no LTIs (FY2018 Q2: nil) during the Quarter.

The Company anticipates that Makhado will be constructed over a period of 12
months, has a LOM in excess of thirty years and, allows for future expansion
of mining and processing if appropriate. The project has all the regulatory
permits required to commence mining and MC Mining requires access to the key
Lukin and Salaita farms to confirm geotechnical information prior to
construction commencing. These properties are subject to the South African
Government’s land claim process and final resolution of this matter remained
outstanding at the end of the Quarter. The Company monitors the progress
thereof and any potential effects of this process on the Makhado construction
timetable, but is not directly involved and continues to evaluate alternative
options.

During the December 2017 quarter, MC Mining engaged independent mining
experts Minxcon (Proprietary) Limited to complete a Competent Persons Report
on the Makhado Project. The results were received during the Quarter and
confirmed the figures relating to costs, capital expenditure and returns
previously released to the market.

The Company previously commenced hard coking and export thermal coal off-
take discussions with various parties and expects that a substantial portion
of Makhado’s hard coking coal will be sold locally with the balance sold on
international markets. These discussions are ongoing and MC Mining
anticipates they will be finalised during the June 2018 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 (FY2018 Q2: nil).

During the Quarter the DWS granted the IWUL required for the stream diversion
in respect of future mining. This approval completes the regulatory suite of
authorisations required for the Vele Colliery and the final decision on
whether to proceed with the plant modifications will include an assessment
of long-term pricing as well as logistics considerations. MC Mining’s Board
is in the process of evaluating all options available and this will be
communicated at the appropriate time.


Greater Soutpansberg Project (MbeuYashu) – Soutpansberg Coalfield (74% owned)
The MbeuYashu Project recorded no LTIs (FY2018 Q2: nil) during the three
months.

No further developments to report during the Quarter.

Markets
The hard coking coal price declined during the Quarter due to supply
constraints in Australia being resolved but long-term forecasts based on
market fundamentals reflect favourable pricing. The API4 thermal coal prices




                                                                           4
held steady during the Quarter at approximately $95/t due to continued
international demand.

David Brown, CEO commented:
“The significant political changes that occurred in South Africa during
December 2017 resulted in a much stronger Rand compared to the first half of
the 2018 financial year. The Company is confident that the political focus
on ensuring regulatory certainty should lead to increased capital investment,
particularly in the mining sector.”

“Production at the Uitkomst Colliery was adversely affected by mining
contractor equipment shortages and the Company is exploring various options
to rectify this. Despite the limited supply of third party coal, the mine
continued to be cash generative and Uitkomst is assessing expansion
opportunities to increase ROM production at the colliery.”

“The granting of the Vele Colliery IWUL in respect of the stream diversion
completes the regulatory authorisations required for the colliery and
confirms Government’s support of MC Mining’s model which facilitates the co-
existence of mining, agriculture and heritage land uses.”

“The Makhado Project has the requisite regulatory approvals to start mining
but construction is dependent on the following three initiatives, securing
access to two key properties that are part of a formal land claim process,
finalisation of the hard coking and thermal coal marketing agreements and,
securing the requisite funding. The Company looks forward to progress on
these initiatives and regularly assesses available options as construction
can only commence once all three are finalised.”

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/Richard   Nominated Adviser    Peel Hunt LLP          +44 20 7418
Crichton/James          and Broker                                  8900
Bavister
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).




                                                                                      5
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.




                                                                                   6
Tenements held by MCM and its Controlled Entities
                                                                          Change
 Project                                                                  during
 Name       Tenement Number                         Location   Interest   Quarter
 Chapudi    Albert 686 MS-                          Limpopo~     74%
 Project*
            Bergwater 712 MS--                                   74%
            Remaining Extent and Portion 2 of                    74%
            Bergwater 697 MS--
            Blackstone Edge 705 MS                               74%
            Remaining Extent & Portion 1 of                      74%
            Bluebell 480 MS-
            Remaining Extent & Portion 1 of                      74%
            Bushy Rise 702 MS--
            Castle Koppies 652 MS--                              74%
            Chapudi 752 MS --                                    74%
            Remaining Extent, Portions 1, 3 & 4                  74%
            of Coniston 699 MS--
            Driehoek 631 MS--                                    74%
            Remaining Extent of Dorps-rivier                     74%
            696 MS--
            Enfield 512 MS (consolidation of                     74%
            Remaining Extent of Enfield 474
            MS, Brosdoorn 682 MS & Remaining
            Extent of Grootvlei 684 MS)--
            Remaining Extent and Portion 1 of                    74%
            Grootboomen 476 MS-                                  74%
            Grootvlei 684 MS--                                   74%
            Kalkbult 709 MS                                      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-
            Remaining Extent of Koodoobult 664                   74%
            MS-
            Koschade 657 MS (Was Mapani Kop 656                  74%
            MS)-
            Malapchani 659 MS-                                   74%
            Mapani Ridge 660 MS-                                 74%
            Melrose 469 MS-                                      74%
            Middelfontein 683 MS-                                74%
            Mountain View 706 MS-                                74%
            M'tamba Vlei 654 MS                                  74%
            Remaining Extent & Portion 1 of                      74%
            Pienaar 635 MS-
            Remaining Extent & Portion 1 of                      74%
            Prince's Hill 704 MS-
            Qualipan 655 MS-                                     74%
            Queensdale 707 MS-                                   74%
            Remaining Extent & Portion 1 of                      74%
            Ridge End 662 MS-
            Remaining Extent & Portion 1 of                      74%
            Rochdale 700 MS-
            Sandilands 708 MS-                                   74%
            Portions 1 & 2 of Sandpan 687 MS--                   74%
            Sandstone Edge 658 MS-                               74%
            Remaining Extent of Portions 2 & 3                   74%
            of Sterkstroom 689 MS--
            Sutherland 693 MS-                                   74%
            Remaining Extent & Portion 1 of                      74%
            Varkfontein 671 MS--
            Remaining Extent, Portion 2,                         74%
            Remaining Extent of Portion 1 of
            Vastval 477 MS-
            Vleifontein 691 MS-                                  74%
            Ptn 3, 4, 5 & 6 of Waterpoort 695                    74%
            MS--
                                                                                7
                                                                           Change
Project                                                                    during
Name         Tenement Number                      Location      Interest   Quarter
             Wildebeesthoek 661 MS-                               74%
             Woodlands 701 MS-                                    74%
Kanowna      M27/41                               Coolgardie^    2.99%     (0.82%)
West and
Kalbara      M27/47                                              2.99%     (0.82%)
             M27/59                                              2.99%     (0.82%)
             M27/72,27/73                                        2.99%     (0.82%)
             M27/114                                             2.99%     (0.82%)
             M27/181                                             7.88%     (0.12%)
             M27/196                                             2.99%     (0.82%)
             M27/414,27/415                                      2.99%     (0.82%)
             P27/1826-1829                                       2.99%     (0.82%)
             P27/1830-1842                                       2.99%     (0.82%)
             P27/1887                                            2.99%     (0.82%)
Abbotshall   ML63/409,410                         Norseman^     Royalty
Royalty
Kookynie     ML40/061                             Leonora^      Royalty
Royalty
             ML40/135,136                                       Royalty
Makhado      Fripp 645 MS                         Limpopo~        95%#
Project
             Lukin 643 MS                                         95%#
             Mutamba 668 MS                                       95%#
             Salaita 188 MT                                       95%#
             Tanga 849 MS                                         95%#
             Daru 848 MS                                          95%#
             Windhoek 847 MS                                      95%#
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%
             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%
                                                                                 8
                                                                        Change
Project                                                                 during
Name        Tenement Number                       Location   Interest   Quarter
            Cavan 508 MS                                       100%
            Cohen 591 MS--                                     100%
            Remaining Extent, Portions 1 & 2 of                74%
            Delft 499 MS-
            Dreyer 526 MS--                                    74%
            Remaining Extent of Du Toit 563 MS-                74%
            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%
Uitkomst    Portion 3 (of 2) of Kweekspruit No.   Kwazulu-     91%µ
Colliery    22                                    Natal~
and
prospects
            Portion 8 (of 1) of Kweekspruit No.                91%µ
            22
            Remainder of Portion 1 of Uitkomst                 91%µ
            No. 95
            Portion 5 (of 2) of Uitkomst No. 95                91%µ
            Remainder Portion1 of Vaalbank No.                 91%µ
            103
            Portion 4 (of 1) of Vaalbank No.                   91%µ
            103
            Portion 5 (of 1) of Vaalbank No.                   91%µ
            103
            Remainder of Portion 1 of                          91%µ
            Rustverwacht No. 151
            Remainder of Portion 2 of                          91%µ
            Rustverwacht No. 151
            Remainder of Portion 3 (of 1) of                   91%µ
            Rustverwacht No. 151
            Portion 4 (of 1) Rustverwacht                      91%µ
            No.151
            Portion 5 (of 1) Rustverwacht No.                  91%µ
            151
            Remainder of Portion 6 (of 1) of                   91%µ
            Rustverwacht No. 151
            Portion 7 (of 1) of Rustverwacht                   91%µ
            No. 151
            Portion 8 (of 2) of Rustverwacht                   91%µ
            No. 151
            Remainder of Portion 9 (of 2) of                   91%µ
            Rustverwacht No. 151


                                                                              9
                                                                       Change
Project                                                                during
Name       Tenement Number                       Location   Interest   Quarter
           Portion 11 (of 6) of Rustverwacht                  91%µ
           No. 151
           Portion 12 (of 9) of Rustverwacht                  91%µ
           No. 151
           Portion 13 (of 2) of Rustverwacht                  91%µ
           No. 151
           Portion 14 (of 2) of Rustverwacht                  91%µ
           No. 151
           Portion 15 (of 3) of Rustverwacht                  91%µ
           No. 151
           Portion 16 (of 3) of Rustverwacht                  91%µ
           No. 151
           Portion 17 (of 2) of Rustverwacht                  91%µ
           No. 151
           Portion 18 (of 3) of Waterval No.                  91%µ
           157
           Remainder of Portion 1 of                          91%µ
           Klipspruit No. 178
           Remainder of Portion 4 of                          91%µ
           Klipspruit No. 178
           Remainder of Portion 5 of                          91%µ
           Klipspruit No. 178
           Portion 6 of Klipspruit No. 178                    91%µ
           Portion 7 (of 1) of Klipspruit No.                 91%µ
           178
           Portion 8 (of 1 )of Klipspruit No.                 91%µ
           178
           Portion 9 of Klipspruit No. 178                    91%µ
           Remainder of Portion 10 (of 5) of                  91%µ
           Klipspruit No. 178
           Portion 11 (of 5) of Klipspruit No.                91%µ
           178
           Portion 13 (of 4) of Klipspruit No.                91%µ
           178
           Remainder of Portion 14 of                         91%µ
           Klipspruit No. 178
           Portion 16 (of 14) of Klipspruit                   91%µ
           No. 178
           Portion 18 of Klipspruit No. 178                   91%µ
           Portion 23 of Klipspruit No. 178                   91%µ
           Remainder of Portion 1 of                          91%µ
           Jackhaldraai No. 299
           Remainder of Jericho No. 400                       91%µ
           Portion 1 of Jericho No. 400                       91%µ
           Portion 2 of Jericho No. 400                       91%µ
           Portion 3 of Jericho No. 400                       91%µ
           Remainder of Jericho C No. 413                     91%µ
           Portion 1 of Jericho C No. 413                     91%µ
           Remainder of Portion 1 of Jericho A                91%µ
           No. 414
           Remainder of Portion 2 (of 1) of                   91%µ
           Jericho A No. 414
           Portion 3 (of 1) of Jericho A No.                  91%µ
           414
           Portion 4 (of 1) of Jericho A No.                  91%µ
           414
           Portion 5 (of 2) of Jericho A No.                  91%µ
           414
           Portion 6 (of 1) of Jericho A No.                  91%µ
           414
           Margin No. 420                                     91%µ
Vele       Portions of Overvlakte 125 MS         Limpopo~     100%
Colliery   (Remaining Extent, 3, 4, 5, 6, 13,
and        14)
prospect
                                                                            10
                                                                   Change
Project                                                            during
Name        Tenement Number                  Location   Interest   Quarter
            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
Coal bed    Adelaide 91 MT                   Limpopo~     50%
methane
            Adieu 118 MT                                  50%
            Alicedale 138 MT                              50%
            Armstice 120 MT                               50%
            Bergwater 697 MS                              50%
            Bergwater 712 MS                              50%
            Blackstone Edge 705 MS                        50%
            Bushy Rise 702 MS                             50%
            Chapudi 752 MS                                50%
            Charlotte 90 MT                               50%
            Chase 576 MS                                  50%
            Cross 117 MT                                  50%
            Doppie 95 MT                                  50%
            Ettie 33 MT                                   50%
            Fanie 578 MS                                  50%
            Feskraal 85 MT                                50%
            Folorodwe 79 MT                               50%
            Fripp 645 MS                                  50%
            Gray 189 MT                                   50%
            Hettey 93 MT                                  50%
            Jeannette 77 MT                               50%
            Joffre 584 MS                                 50%
            Kalkbult 709 MS                               50%
            Laura 115 MT                                  50%
            Lukin 643 MS                                  50%
            Magazasand 123 MT                             50%
            Malapchani 659 MS                             50%
            Mountainview 706 MS                           50%
            Mount Stuart 153 MT                           50%
            Nakab 184 MT                                  50%
            Naus 178 MT                                   50%
            Neltox 92 MT                                  50%
            Phantom 640 MS                                50%
            Prince’s Hill 704 MS                          50%
            Queensdale 707 MS                             50%
            Riet 182 MT                                   50%
            Rochdale 700 MS                               50%
            Rynie 158 MT                                  50%
            Salaita 188 MT                                50%
            Schuitdrift 179 MT                            50%
            Septimus 156 MT                               50%
            Stayt 183 MT                                  50%
            Suzette 32 MT                                 50%
            Tanga 648 MS                                  50%
            Telema 190 MT                                 50%
            Terblanche 155 MT                             50%
            Trevenna 119 MT                               50%
            The Duel 186 MT                               50%
            Truida 76 MT                                  50%
            Van Deventer 641 MS                           50%
            Wendy 86 MT                                   50%
            Wildgoose 577 MS                              50%
            Windhoek 649 MS                               50%
                                                                        11
                                                                             Change
    Project                                                                  during
    Name       Tenement Number                       Location      Interest  Quarter
               Zisaan 31 MT                                           50%
               Ziska 122 MT                                           50%
               Portion of Unsurveyed state land                       50%
*        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 IDC and Broad Based
         BEE transaction
µ        70% post BEE transaction




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