Wrap Text
Report for the quarter ended 30 September 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 31 October 2018
REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2018
CONTINUED STRATEGY EXECUTION YIELDS RESULTS
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 three months ended 30 September 2018, the first quarter (the “Quarter”)
of the 30 June 2019 financial year. 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
- No lost-time injuries (“LTI”) recorded during the Quarter, compared to
one LTI at the Uitkomst metallurgical and thermal coal colliery (“Uitkomst
Colliery” or “Uitkomst” or the “Colliery”) during Q4 FY2018;
- Uitkomst Colliery run of mine (“ROM”) coal production for the period
increased to 125,153 tonnes (“t”) (FY2018 Q1: 125,108t) while third party
coal purchases were 12,466t (FY2018 Q1: 45,313t), reducing due to the
expiry of a supply contract during FY2018;
- Sales of metallurgical, high quality and blended thermal coal mined at
Uitkomst increased during the Quarter - from the comparative period’s
80,677t, to 89,846t, which included 9,273t of slurry sold directly to
customers;
- Sales from coal purchased for blending or processing declined from 48,266t
to 5,282t as a result of the expiry of the aforementioned supply contract;
- Favourable thermal coal prices resulted in average revenue per saleable
tonne from Uitkomst of $87.39 during the Quarter (Q1 FY2018: $50.03/t; Q4
FY2018: $96.52/t);
- Uitkomst transitioned to an owner operated colliery with the acquisition
of the underground mining contractor, Khethekile Mining (Pty) Ltd’s
(“Khethekile”), operations and transfer of approximately 340 staff to the
Colliery;
- Heads of Agreement (“HOAs”) signed with China Railway International Group
Co., Ltd. (“CRIG”), for the facilitation of a funding package up to 85%
of the engineering, procurement and construction (“EPC”) contract value
for the Makhado hard coking and thermal coal project (“Makhado Project”
or “Makhado”) and negotiation of the EPC contract and mining contract;
- Received approval for the amendment to the Environmental Authorisation
(“EA”) for the Makhado Project allowing for the transport of coal by road
rather than rail, which was subsequently appealed as expected thereby
automatically suspending the amendment; and
- Vele coking and thermal coal colliery (“Vele Colliery”) remained on care
and maintenance during the Quarter.
Corporate and financial features
- Completion of the regulatory matters relating to the disposal of the
Mooiplaats thermal coal colliery (“Mooiplaats Colliery”) resulting in the
receipt of the first of 10 equal quarterly instalments of $801k;
- R15 million ($1.1 million) ABSA Bank Limited revolving asset finance
facility (“ABSA Facility”) for the acquisition of additional mining
equipment at the Uitkomst Colliery;
- Extension for a further six months of the $8.5 million facility from the
Industrial Development Corporation of South Africa Limited to MC Mining’s
subsidiary, Baobab Mining and Exploration Proprietary Limited (“Baobab”),
for the development of Makhado;
- Available cash at Quarter-end of $10.4 million ($10.9 million at the end
of June 2018) and restricted cash of $0.03 million; and
- Hard coking coal prices remained above the long-term pricing expectations
while South African export thermal coal prices remained above $102/t at
the end of September 2018.
Subsequent events
- Signature of a Makhado Project hard coking coal (“HCC”) coal purchase
agreement with Huadong Coal Trading Center Co, Ltd (“HDCTC”), a Chinese
state-owned enterprise and a subsidiary of the China Forestry Group
Corporation (the “Forestry Group”).
QUARTERLY COMMENTARY
Uitkomst Colliery – Utrecht Coalfields (70% owned)
The Uitkomst Colliery employs approximately 554 employees (including
contractors) and recorded no LTIs during the Quarter (FY2018 Q4: one LTI).
Uitkomst is a high-grade thermal export quality coal deposit with
metallurgical applications consisting of an existing underground coal mine
and a planned life of mine extension. Coal produced is sold into the domestic
metallurgical and thermal markets for use as pulverised coal while the peas
are supplied to local energy generation facilities.
The Colliery was acquired on 30 June 2017 and its underground operations
were carried out by an independent mining contractor, Khethekile, which
recorded intermittent equipment availability and funding challenges. To
ensure sustainability at Uitkomst, MCM acquired Khethekile’s mining
operations during the Quarter and the assets acquired in terms of the
transaction includes conveyor systems, coal mining and transportation
equipment and the transfer, in accordance with South African labour
legislation, some 340 Khethekile employees. The acquisition price of for
$4.9 million (R65 million) will be settled using ongoing Uitkomst cash flows
as follows:
- Cash consideration of $1.2 million (R16.4 million) of which $0.5 million
(R7.4 million) was paid during the Quarter, with the balance (excluding
no downward adjustments) payable in 27 monthly instalments; and
- Assumption of loans, trade payables and accrued expenses (together
totalling $3.7 million (R48.6 million)) including a $1.5 million (R20.0
million) loan from Pan African Resources Management Services (Pty) Ltd.
Uitkomst produced 125,153t (FY2018 Q1: 125,108t) of ROM coal during the three
months while only 12,466t of ROM coal was purchased from third parties
(FY2018 Q1: 45,313t). The ROM coal mined and processed generated sales of
89,846t of coal, an increase compared with the comparative period’s 80,677t.
This figure includes 9,273t of slurry product that was directly sold to
customers without blending. Coal is purchased from nearby third parties and
blended with slurry and sold. The expiry of a ROM supply contract in FY2018
resulted in sales of 5,282t, compared to 48,266t in Q1 FY2018. The Colliery
is evaluating alternative suppliers of third party ROM coal for blending and
processing and will keep the market appraised of progress in this regard.
The Uitkomst Colliery benefitted from favourable coal prices compared to Q1
FY2018 and generated pleasing results and higher than budgeted EBITDA for
the reporting period. The higher coal prices and change in sales mix to
include a higher proportion of quality Uitkomst coal resulted in in revenue/t
increasing 75% to $87.39/t (FY2018 Q1: 50.03/t; FY2018 Q4: 96.52/t). The
change from contract mining during the Quarter resulted in production costs
increasing 8% to $46.12/t (FY2018 Q1: $42.54/t; FY2018 Q4: $48.00/t). This
increase is primarily due to Khethekile, in an effort to maintain its
profitability, delaying necessary engineering and maintenance costs during
Q1 FY2018 and being paid a cost per tonne produced irrespective of actual
costs incurred by the contractor.
Quarter to Quarter to
end-September end-September
2018 2017 %
Production tonnages
Uitkomst ROM (t) 125 153 125 108 0%
Purchased ROM to blend (t) 12 466 45 313 -72%
137 619 170 421 -19%
Sales tonnages
Own ROM (t) 80 573 80 677 0%
Slurry directly sold (t) 9 273 - 100%
Slurry used for blending (t) - 36 489 -100%
Purchased ROM to blend (t) - 48 266 -100%
Purchased ROM for processing
5 282 - 100%
(t)
95 128 165 432 -42%
Quarter financial metrics
Revenue/t ($) 87.39 50.03 75%
Revenue/t (ZAR) 1 230 659 87%
Production cost/ROM tonnes
46.12 42.54 8%
($)
Following the transition to an owner-operated mine during the Quarter,
Uitkomst secured the R15 million ($1.1 million) ABSA Facility. ABSA is one
of South Africa’s major financial service providers and the funds are being
used for additional underground mining equipment. The rolling five-year ABSA
Facility is subject to a floating coupon at the South African Prime rate
(currently 10.0% per annum) plus 0.5% and is secured by the mining equipment
purchased. The securing of the ABSA Facility during the Quarter facilitated
the purchase of additional underground mining equipment that is expected to
be commissioned during the December 2018 quarter.
The insourcing of underground mining operations at Uitkomst is an opportunity
to assess the overall performance at the Colliery, facilitating the
implementation of a number of improvement initiatives to increase future ROM
coal production and profitability. These include enhanced control of
production costs and asset maintenance together with the programme to re-
processing coarse discard coal, anticipated to produce an estimated 40,000t
per annum of high-ash saleable thermal coal. The plant modifications to
facilitate this production will commence in the December 2018 quarter with
commissioning in early CY2019 and construction is not expected to have any
adverse effects on processing capacity during this time.
The Uitkomst Colliery has an approximate 16-year life of mine, which includes
the development of a north adit (horizontal shaft). The Colliery has
undertaken various studies and has identified the optimal position for the
new adit and will commence with the geotechnical drilling to conclude the
final adit design. This adit will improve operating efficiencies by reducing
travel periods for employees and equipment and has the potential to increase
ROM production by approximately 150,000t per annum. The Colliery awaits
approval from the Department of Water and Sanitation for the amendment to
its Integrated Water Use License prior to development of north adit.
Makhado Hard Coking Coal Project – Soutpansberg Coalfield (95% owned - 69%
post BEE and Industrial Development Corporation Limited transactions)
The Makhado Project recorded no LTIs (FY2018 Q4: nil) during the Quarter.
During the Quarter MC Mining signed HOAs with CRIG, a Chinese construction
enterprise and the international focused division of China Railway Group, a
leading global construction company listed in Shanghai and Hong Kong. The
HOAs are for the facilitation of a funding package up to 85% of the Makhado
Project EPC contract value and negotiation of the EPC contract and mining
contract, conditional upon the finalisation of mutually acceptable terms and
conditions by June 2019. This includes completion of the Makhado front end
engineering and design study, EPC contract price agreement, as well as
satisfactory funding terms.
The Company held very successful Makhado Project HCC off-take discussions
during the Quarter. These resulted in the signature of an off-take agreement
with HDCTC during October 2018. HDCTC is a Chinese state-owned enterprise
and a subsidiary of the Forestry Group, the owner of substantial logistics
infrastructure including 780,000t of berth-space in China. HDCTC has
logistics and bulk commodity trading interests and traded in excess of five
million tonnes of iron ore and coal during the past two years. Negotiations
for additional HCC off-take agreements are at an advanced stage and the
Company anticipates that the formal documentation will be concluded during
the December 2018 quarter while discussions with potential export thermal
coal customers as well as project funders are ongoing.
The construction of the Makhado Project requires the Company obtaining access
to two key properties to complete geotechnical drilling to confirm amongst
others, positioning of processing plant infrastructure. Access to the
properties has been delayed due to opposition against the government managed
land claims process. This resulted in the Company embarking on the legal
process during the Quarter to enforce its rights under South African mining
legislation.
Further regulatory progress was made at the Company’s flagship, fully
permitted Makhado Project. Baobab, the owner and developer of the Makhado
Project, applied to both the Department of Mineral Resources (“DMR”) and the
Limpopo Department of Economic Development, Environment and Tourism (“LEDET”)
for an amendment to Makhado’s EA whereby coal will be transported to the
Musina rail siding by road rather than rail. Both LEDET and DMR approved the
EA amendment during the Quarter but this decision, as expected, has been
appealed by a narrow interest group that appealed (and lost) their appeal
against the original Makhado EA. This appeal results in the suspension of
the EA Amendment and MC Mining is addressing this matter with the regulatory
authorities.
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 Q4: nil).
No further developments to report during the Quarter.
Greater Soutpansberg Project (MbeuYashu) – Soutpansberg Coalfield (74% owned)
The MbeuYashu Project recorded no LTIs (FY2018 Q4: nil) during the Quarter.
No further developments to report during the three months.
Corporate
MC Mining disposed of its shares and claims in the Mooiplaats Colliery during
2017 for an aggregate purchase price of $12.9 million (R179.9 million) and
received the initial sale proceeds of $4.8 million (R67.0 million) at the
time, including $1.1 million paid to Mooiplaats’ black economic empowerment
partner. The remaining $8.1 million (R112.9 million) is payable in ten equal,
quarterly payments and the timing thereof was dependent on the DMR approving
a Section 102 application to, amongst other things, incorporate certain
prospecting rights into the Mooiplaats mining right. The DMR approved the
requisite Section 102 application during the Quarter, resulting in the
receipt of the first of the quarterly payments of $810k (R11.3 million).
Markets
The hard coking coal price remained stable during the Quarter and long-term
forecasts reflect favourable pricing based on market fundamentals. The API4
thermal coal price softened slightly from $104/t in June 2018 to $102/t in
September 2018.
David Brown, CEO commented:
“The completion of the regulatory requirements for the Mooiplaats Colliery
sales process is another significant step in the clean-up of the Company’s
balance sheet. The quarterly instalments will be used to develop the
Company’s flagship Makhado Project which projects world class nature was
endorsed during the Quarter with the signature of HOAs with CRIG, an extremely
positive move.
The acquisition and integration of underground mining operations at Uitkomst
is expected to result in improved equipment availability, contribute to
higher ROM production and is the major introductory step to production
enhancement initiatives. Furthermore, the conclusion of the ABSA Facility
reflects the growing confidence that financial institutions have in MC Mining
and Uitkomst Colliery. We continued to make excellent progress regarding the
Makhado Project marketing and financing arrangements and concluded the first
hard coking coal off-take agreement during October 2018. This is a critical
step in the development of the project and we anticipate formalising further
off-take arrangements during the December 2018 quarter.
The Makhado Project has all of the requisite legal approvals and the
commencement of construction is dependent on securing access to two key
properties to complete confirmatory geotechnical drilling, finalisation of
the coal marketing agreements and conclusion of the requisite funding
arrangements. The Company had very successful negotiations with off-take
partners and moved closer to securing access to the properties during the
Quarter when it embarked on the process of enforcing its access rights under
the mining right.
The Company also received approval for an amendment to the Makhado EA that
will allow for the transport of coal by road rather than rail. This decision
was unsurprisingly appealed by the same narrow interest group that
unsuccessfully appealed against the original Makhado EA. This group continues
to force a narrow agenda, benefitting only a small minority opposed to
Makhado and this opposition is despite numerous interactions to address their
concerns and the Company’s attempts to work on a cooperative basis. The
Makhado Project will assist in the socio-economic transformation of local
communities and this group stands in direct opposition to the development of
these communities.”
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/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. 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).
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.
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 & 74%
4 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 74%
656 MS)-
Malapchani 659 MS- 74%
Mapani Ridge 660 MS- 74%
Change
Project during
Name Tenement Number Location Interest Quarter
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--
Wildebeesthoek 661 MS- 74%
Woodlands 701 MS- 74%
Kanowna M27/41 Coolgardie^ 2.99%
West and M27/47 2.99%
Kalbara M27/59 2.99%
M27/72,27/73 2.99%
M27/114 2.99%
M27/181 7.88%
M27/196 2.99%
M27/414,27/415 2.99%
P27/1826-1829 2.99%
P27/1830-1842 2.99%
P27/1887 2.99%
Abbotshall ML63/409,410 Norseman^ Royalty
Royalty
Kookynie ML40/061 Leonora^ Royalty
Royalty ML40/135,136 Royalty
Makhado Fripp 645 MS Limpopo~ 69%#
Project Lukin 643 MS 69%#
Mutamba 668 MS 69%#
Salaita 188 MT 69%#
Tanga 849 MS 69%#
Daru 848 MS 69%#
Windhoek 847 MS 69%#
Beck 568 MS-- Limpopo~ 74%
Change
Project during
Name Tenement Number Location Interest Quarter
Generaal Bekaf 650 MS- 74%
Project*
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%
Cavan 508 MS 100%
Cohen 591 MS-- 100%
Remaining Extent, Portions 1 & 2 74%
of Delft 499 MS-
Dreyer 526 MS-- 74%
Remaining Extent of Du Toit 563 74%
MS-
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%
Change
Project during
Name Tenement Number Location Interest Quarter
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%
Scheveningen 500 MS- 74%
Uitkomst Portion 3 (of 2) of Kweekspruit KwaZulu- 70%
Colliery No. 22 Natal~
and Portion 8 (of 1) of Kweekspruit 70%
prospects No. 22
Remainder of Portion 1 of Uitkomst 70%
No. 95
Portion 5 (of 2) of Uitkomst No. 70%
95
Remainder Portion1 of Vaalbank No. 70%
103
Portion 4 (of 1) of Vaalbank No. 70%
103
Portion 5 (of 1) of Vaalbank No. 70%
103
Remainder of Portion 1 of 70%
Rustverwacht No. 151
Remainder of Portion 2 of 70%
Rustverwacht No. 151
Remainder of Portion 3 (of 1) of 70%
Rustverwacht No. 151
Portion 4 (of 1) Rustverwacht 70%
No.151
Portion 5 (of 1) Rustverwacht No. 70%
151
Remainder of Portion 6 (of 1) of 70%
Rustverwacht No. 151
Portion 7 (of 1) of Rustverwacht 70%
No. 151
Portion 8 (of 2) of Rustverwacht 70%
No. 151
Remainder of Portion 9 (of 2) of 70%
Rustverwacht No. 151
Portion 11 (of 6) of Rustverwacht 70%
No. 151
Portion 12 (of 9) of Rustverwacht 70%
No. 151
Portion 13 (of 2) of Rustverwacht 70%
No. 151
Portion 14 (of 2) of Rustverwacht 70%
No. 151
Portion 15 (of 3) of Rustverwacht 70%
No. 151
Portion 16 (of 3) of Rustverwacht 70%
No. 151
Portion 17 (of 2) of Rustverwacht 70%
No. 151
Change
Project during
Name Tenement Number Location Interest Quarter
Portion 18 (of 3) of Waterval No. 70%
157
Remainder of Portion 1 of 70%
Klipspruit No. 178
Remainder of Portion 4 of 70%
Klipspruit No. 178
Remainder of Portion 5 of 70%
Klipspruit No. 178
Portion 6 of Klipspruit No. 178 70%
Portion 7 (of 1) of Klipspruit No. 70%
178
Portion 8 (of 1 )of Klipspruit No. 70%
178
Portion 9 of Klipspruit No. 178 70%
Remainder of Portion 10 (of 5) of 70%
Klipspruit No. 178
Portion 11 (of 5) of Klipspruit 70%
No. 178
Portion 13 (of 4) of Klipspruit 70%
No. 178
Remainder of Portion 14 of 70%
Klipspruit No. 178
Portion 16 (of 14) of Klipspruit 70%
No. 178
Portion 18 of Klipspruit No. 178 70%
Portion 23 of Klipspruit No. 178 70%
Remainder of Portion 1 of 70%
Jackalsdraai No. 299
Remainder of Jericho B No. 400 70%
Portion 1 of Jericho B No. 400 70%
Portion 2 of Jericho B No. 400 70%
Portion 3 of Jericho B No. 400 70%
Remainder of Jericho C No. 413 70%
Portion 1 of Jericho C No. 413 70%
Remainder of Portion 1 of Jericho 70%
A No. 414
Remainder of Portion 2 (of 1) of 70%
Jericho A No. 414
Portion 3 (of 1) of Jericho A No. 70%
414
Portion 4 (of 1) of Jericho A No. 70%
414
Portion 5 (of 2) of Jericho A No. 70%
414
Portion 6 (of 1) of Jericho A No. 70%
414
Margin No. 420 70%
Vele Portions of Overvlakte 125 MS Limpopo~ 100%
Colliery (Remaining Extent, 3, 4, 5, 6, 13,
and 14)
prospects Bergen Op Zoom 124 MS 100%
Semple 155 MS 100%
Voorspoed 836 MS 100%
Alyth 837 MS 100%
Change
Project during
Name Tenement Number Location Interest Quarter
Tshikunda Certain portions of Unsurveyed Limpopo~ 60%
State Land known as Mutale
Coal bed Adelaide 91 MT Limpopo~ 50% (50%)µ
methane Adieu 118 MT 50% (50%)µ
Alicedale 138 MT 50% (50%)µ
Armstice 120 MT 50% (50%)µ
Bergwater 697 MS 50% (50%)µ
Bergwater 712 MS 50% (50%)µ
Blackstone Edge 705 MS 50% (50%)µ
Bushy Rise 702 MS 50% (50%)µ
Chapudi 752 MS 50% (50%)µ
Charlotte 90 MT 50% (50%)µ
Chase 576 MS 50% (50%)µ
Cross 117 MT 50% (50%)µ
Doppie 95 MT 50% (50%)µ
Ettie 33 MT 50% (50%)µ
Fanie 578 MS 50% (50%)µ
Feskraal 85 MT 50% (50%)µ
Folorodwe 79 MT 50% (50%)µ
Fripp 645 MS 50% (50%)µ
Gray 189 MT 50% (50%)µ
Hettey 93 MT 50% (50%)µ
Jeannette 77 MT 50% (50%)µ
Joffre 584 MS 50% (50%)µ
Kalkbult 709 MS 50% (50%)µ
Laura 115 MT 50% (50%)µ
Lukin 643 MS 50% (50%)µ
Magazasand 123 MT 50% (50%)µ
Malapchani 659 MS 50% (50%)µ
Mountainview 706 MS 50% (50%)µ
Mount Stuart 153 MT 50% (50%)µ
Nakab 184 MT 50% (50%)µ
Naus 178 MT 50% (50%)µ
Neltox 92 MT 50% (50%)µ
Phantom 640 MS 50% (50%)µ
Prince’s Hill 704 MS 50% (50%)µ
Queensdale 707 MS 50% (50%)µ
Riet 182 MT 50% (50%)µ
Rochdale 700 MS 50% (50%)µ
Rynie 158 MT 50% (50%)µ
Salaita 188 MT 50% (50%)µ
Schuitdrift 179 MT 50% (50%)µ
Septimus 156 MT 50% (50%)µ
Stayt 183 MT 50% (50%)µ
Suzette 32 MT 50% (50%)µ
Tanga 648 MS 50% (50%)µ
Telema 190 MT 50% (50%)µ
Terblanche 155 MT 50% (50%)µ
Trevenna 119 MT 50% (50%)µ
The Duel 186 MT 50% (50%)µ
Truida 76 MT 50% (50%)µ
Change
Project during
Name Tenement Number Location Interest Quarter
Van Deventer 641 MS 50% (50%)µ
Wendy 86 MT 50% (50%)µ
Wildgoose 577 MS 50% (50%)µ
Windhoek 649 MS 50% (50%)µ
Zisaan 31 MT 50% (50%)µ
Ziska 122 MT 50% (50%)µ
Portion of Unsurveyed state land 50% (50%)µ
* 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 26% Broad Based BEE
transaction
µ Prospecting right lapsed during the Quarter
Date: 31/10/2018 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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