MC MINING LIMITED - IDC loan update

IDC loan update

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


28 January 2022


IDC LOAN UPDATE

MC Mining Limited (MC Mining or the Company) is pleased to announce that the Industrial
Development Corporation of South Africa Limited (IDC) has extended the date for repayment of the
R160 million loan ($10.3 million) plus interest thereon and the terminal drawdown date of the
additional R245 million ($15.8 million) loan facility for the development of Phase 1 of the Makhado
hard coking coal project, to 30 November 2022. Drawdown of the additional R245 million ($15.8
million) loan facility remains subject to the IDC confirming its due diligence.


As previously announced, repayment of the R160 million loan plus accrued interest was due by 31
January 2022. The IDC which holds a 6.7% equity in Baobab Mining & Exploration (Pty) Ltd (a subsidiary
of MC Mining), remains committed to the Company’s growth


Background
Makhado has a life of mine in excess of 46 years and robust fundamentals, resulting in compelling
economics. The phased development of Makhado will position MC Mining as South Africa’s pre-
eminent hard coking coal producer and is expected to deliver positive returns for shareholders. The
Company is progressing with securing the funds required to develop the project creating creating
some 650 permanent job opportunities and which will reduce the volumes of hard coking coal South
Africa currently imports.


Sam Randazzo
Interim Chief Executive Officer

This announcement has been approved by the Company’s Disclosure Committee.
This announcement is inside information for the purposes of Article 7 of the Market Abuse Regulation (EU)
No. 596/2014, as amended by the Market Abuse (Amendment) (EU Exit) Regulations 2019.
All figures are in South African rand or United States dollars unless otherwise stated.


For more information contact:
Sam Randazzo                    Interim CEO               MC Mining Limited               +61 408 945010
Tony Bevan                      Company Secretary         Endeavour Corporate             +61 08 9316 9100
                                                          Services

Company advisors:
James Harris / James Dance      Nominated Adviser         Strand Hanson Limited           +44 20 7409 3494
                                (AIM)
Rory Scott                      Broker (AIM)              Tennyson Securities             +44 20 7186 9031
James Duncan                    Financial PR (South       R&A Strategic                   +27 11 880 3924
                                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 and thermal coal), Makhado Project
(hard coking coal). Vele Colliery (semi-soft 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 does 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: 28-01-2022 05:28:00
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