MC MINING LIMITED - Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

Release Date: 26/07/2018 08:00
Code(s): MCZ
 
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Appendix 5B Mining exploration entity and oil and gas exploration entity quarterly report

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
                                                                                                          +Rule 5.5



                                               Appendix 5B

Mining exploration entity and oil and gas exploration entity
quarterly report

Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16



Name of entity

MC Mining Limited

ABN                                                             Quarter ended (“current quarter”)

98 008 905 388                                                  30 June 2018



Consolidated statement of cash flows                               Current quarter             Year to date (12
                                                                     $USD’000                     months)
                                                                                                 $USD’000
1.      Cash flows from operating activities
1.1     Receipts from customers                                                   6,691                       33,512
1.2     Payments for
        (a) exploration & evaluation
        (b) development                                                                 -                               -
        (c) production                                                           (4,916)                    (24,301)
        (d) staff costs                                                            (835)                      (3,197)
        (e) administration and corporate costs                                     (892)                      (8,578)
1.3     Dividends received (see note 3)                                                 -                               -
1.4     Interest received                                                           (82)                             117
1.5     Interest and other costs of finance paid                                        -                               -
1.6     Income taxes paid                                                          (512)                      (1,217)
1.7     Research and development refunds                                                -                               -
1.8     Other (provide details if material)                                             -                               -
1.9     Net cash from/(used in) operating                                          (546)                      (3,664)
        activities
+ See chapter 19 for defined terms
1 September 2016                                                                                                     Page 1
Consolidated statement of cash flows                   Current quarter       Year to date (12
                                                         $USD’000               months)
                                                                               $USD’000



2.      Cash flows from investing activities
2.1     Payments to acquire:                                             -                      -
        (a) property, plant and equipment                          (465)                (1,609)
        (b) tenements (see item 10)                                      -                      -
        (c) investments                                            1,463                   727
        (d) other non-current assets                                     -                      -
2.2     Proceeds from the disposal of:
        (a) property, plant and equipment                                -                      -
        (b) tenements (see item 10)                                      -                      -
        (c) investments                                                  -                5,730
        (d) other non-current assets                                     -                      -
2.3     Cash flows from loans to other entities                          -                 591
2.4     Dividends received (see note 3)                                  -                      -
2.5     Other (provide details if material)
2.6     Net cash (used in)/from investing                           998                   5,439
        activities



3.      Cash flows from financing activities
3.1     Proceeds from issues of shares                                   -                      -
3.2     Proceeds from issue of convertible notes                         -                      -
3.3     Proceeds from exercise of share options                          -                      -
3.4     Transaction costs related to issues of                           -                      -
        shares, convertible notes or options
3.5     Proceeds from borrowings                                         -                      -
3.6     Repayment of borrowings                                          -                      -
3.7     Transaction costs related to loans and                           -                      -
        borrowings
3.8     Dividends paid                                                   -                      -
3.9     Other (provide details if material)                              -                      -
3.10    Net cash from / (used in) financing                              -                      -
        activities



4.      Net increase / (decrease) in cash and
        cash equivalents for the period
4.1     Cash and cash equivalents at beginning of                11,732                   9,669
        period
4.2     Net cash from operating activities/(used in)               (546)                (3,664)
        (item 1.9 above)

+ See chapter 19 for defined terms
1 September 2016                                                                           Page 2
Consolidated statement of cash flows                     Current quarter        Year to date (12
                                                           $USD’000                months)
                                                                                  $USD’000
4.3     Net cash (used in)/from investing activities                  998                     5,439
        (item 2.6 above)
4.4     Net cash from / (used in) financing activities                     -                        -
        (item 3.10 above)
4.5     Effect of movement in exchange rates on                    (1,272)                     739
        cash held
4.6     Cash and cash equivalents at end of                        10,912                    10,912
        period



5.      Reconciliation of cash and cash                  Current quarter        Previous quarter
        equivalents                                        $USD’000                $USD’000
        at the end of the quarter (as shown in the
        consolidated statement of cash flows) to the
        related items in the accounts
5.1     Bank balances                                               10,878                   11,696
5.2     Call deposits                                                      34                      36
5.3     Bank overdrafts
5.4     Other (provide details)
5.5     Cash and cash equivalents at end of                         10,912                   11,732
        quarter (should equal item 4.6 above)



6.      Payments to directors of the entity and their associates                Current quarter
                                                                                  $USD'000
6.1     Aggregate amount of payments to these parties included in item 1.2                     235
6.2     Aggregate amount of cash flow from loans to these parties included
        in item 2.3
6.3     Include below any explanation necessary to understand the transactions included in
        items 6.1 and 6.2
Salary payments for the quarter made to Executive directors and Board fees toNon-Executive.




7.      Payments to related entities of the entity and their associates         Current quarter
                                                                                  $USD'000
7.1     Aggregate amount of payments to these parties included in item 1.2
7.2     Aggregate amount of cash flow from loans to these parties included
        in item 2.3
7.3     Include below any explanation necessary to understand the transactions included in
        items 7.1 and 7.2




+ See chapter 19 for defined terms
1 September 2016                                                                               Page 3
8.      Financing facilities available                  Total facility amount      Amount drawn at
        Add notes as necessary for an                      at quarter end            quarter end
        understanding of the position                         $USD’000                $USD’000
8.1     Loan facilities                                                  8,743                   8,743
8.2     Credit standby arrangements
8.3     Other (please specify)
8.4     Include below a description of each facility above, including the lender, interest rate and
        whether it is secured or unsecured. If any additional facilities have been entered into or are
        proposed to be entered into after quarter end, include details of those facilities as well.
$USD8.7 million facility of the $USD 17.5 million provided by the Industrial Development
Corporation of South Africa to the company’s subsidiary is still available for drawdown. The loan is
payable on the third anniversary of each advance plus a real after tax rate of return of 16% on the
advanced amount.




9.      Estimated cash outflows for next quarter                                 $USD’000
9.1     Exploration and evaluation
9.2     Development
9.3     Production                                                                              (5,998)
9.4     Staff costs                                                                             (2,665)
9.5     Administration and corporate costs                                                      (1,752)
9.6     Other                                                                                     (126)
9.7     Total estimated cash outflows                                                         (10,541)



10.     Changes in                   Tenement    Nature of interest          Interest at    Interest
        tenements                    reference                               beginning      at end of
        (items 2.1(b) and            and                                     of quarter     quarter
        2.2(b) above)                location
10.1    Interests in mining
        tenements and
        petroleum tenements
        lapsed, relinquished
        or reduced
10.2    Interests in mining
        tenements and
        petroleum tenements
        acquired or increased




+ See chapter 19 for defined terms
1 September 2016     
                                                                              Page 4
Compliance statement

1       This statement has been prepared in accordance with accounting standards and policies which
        comply with Listing Rule 19.11A.
2       This statement gives a true and fair view of the matters disclosed.


Sign here:        ............................................................   Date: .............................................
                       (Director/Company secretary)


Print name:       .........................................................


Notes
1.      The quarterly report provides a basis for informing the market how the entity’s activities have
        been financed for the past quarter and the effect on its cash position. An entity that wishes to
        disclose additional information is encouraged to do so, in a note or notes included in or attached
        to this report.
2.      If this quarterly report has been prepared in accordance with Australian Accounting Standards,
        the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral
        Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report
        has been prepared in accordance with other accounting standards agreed by ASX pursuant to
        Listing Rule 19.11A, the corresponding equivalent standards apply to this report.
3.      Dividends received may be classified either as cash flows from operating activities or cash flows
        from investing activities, depending on the accounting policy of the entity.




26 July 2018
Sponsor: Investec Bank Limited





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