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
Live News
-
Guinea Targets Education Gaps with Nationwide School Mapping Initiative
10:16
-
Global Deforestation Slows in 2025 but Remains Above Climate Targets
10:15
-
Bridge Bank Targets Guinea Expansion with 2027 Subsidiary Launch
10:14
-
World Bank Allocates $250 Million to Tackle Kinshasa Waste Crisis
10:12
-
China commits 1.6 bln CFA in food shipments to Cameroon
21:20
-
New AFD Funding Supports Progress on Yaoundé Urban Mobility Project
20:45
-
Cameroon Tests CFA5 Billion SME Financing Program Focused on Youth and Women
20:42
-
CEMAC Prepares Regulated Crowdfunding Market to Expand SME Financing
20:40
-
The International Insurance Institute opens entrance exam for fourth insurance master’s cohort
18:31
-
Togo: IFAD Steps Up Support for PRIMA, New Investments Expected in 2026
18:10
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Enko Capital acquires Servair’s fast-food unit in Côte d’Ivoire, including the Burger King franchi...
Central bank to release $1 billion in cash to curb black market demand Move aims to ease inf...
From eastern Chad, where measles and meningitis are spreading through overcrowded refugee camps, to ...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
Guinea has launched a national school mapping initiative to guide education reforms and investment. About 60% of youth aged 15–24 remain unemployed or...
The world lost 4.3 million hectares of primary tropical forest in 2025, down 36% from 2024. Brazil drove the improvement, cutting forest loss to 1.63...
Bridge Bank Group plans to open a Guinea subsidiary in January 2027 as part of regional expansion. The group reported net profit of CFA27.2 billion...
The World Bank will provide $250 million to improve waste management and create jobs in Kinshasa. Kinshasa produces about 12,000 tonnes of waste...
UK museum to return 45 Botswana artifacts after 150 years Items collected in 1890s; restitution follows Botswana request Return tied to...
The history of Kerma stretches back several millennia. Located in what is now northern Sudan, the site was inhabited as early as prehistoric times....