South Africa: MC Mining obtains R15 million loan to operate Uitkomst mine
Friday, 17 August 2018 16:49
MC Mining which operates Uitkomst coal mine announces that on Thursday 16, August 2018, it was granted a R15 million loan by ABSA Bank, one of the main financial service providers in South Africa. The mining company plans to use these funds to buy new equipment. It has become the coal mine’s owner and operator.
“The Absa loan reflects the growing confidence financial institutions have in MC Mining and the execution of our strategy”, CEO David Brown commented. He indicated that acquisition of new equipment and integration of underground mines recently acquired will improve the availability of mining equipment and contribute to production enhancement initiatives. It will also allow the company to profit “from prevailing higher international coal prices”.
Let’s remind that till July 2018 Uitkomst coal mine was operated by the independent mining company Khethekile Mining. On August 2, 2018, MC mining decided to end this agreement with the operator and buy all of Khethekile Mining’s operations, the equipment included, for R65 million.
Louis-Nino Kansoun
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