South Africa: MC Mining secures a R20M bank loan for Uitkomst coal mine
Tuesday, 26 June 2018 17:43
MC Mining (formerly known as Coal of Africa Ltd) has received a R20 million loan from Rand Merchant Bank (RMB), a division of FirstRand Bank, for its Uitkomst coal project in South Africa. It reported that the 12-month loan is subject to a variable interest rate.
“The company acquired its stake in Uitkomst in June 2017 and it has proven to be a highly profitable operation, with strong underlying cash flows. Notwithstanding this, a general banking facility will provide the colliery with flexibility to temporarily finance sustaining capital, to secure its production profile, should it be required,” commented CEO David Brown.
The Uitkomst mine would host in situ mineable resources of 22.62 million tons and 11.46 million tons of reserves.
Louis-Nino Kansoun
Live News
-
Burkina Faso: Traditional Media Unites to Counter Rising Online Competition
03:42
-
USA–Rwanda Memorandum Sets $228 Million Health Cooperation Framework
03:41
-
Benin Entrepreneur Maessarath Rafiou Expands Digital Health Education with Mobidoto
03:34
-
Togo Showcases Volunteer Growth and 2026 Priorities on International Volunteer Day
17:47
-
Togo Reviews 2025 Reforms With Private Sector Partners
17:32
-
Gozem Brings In Belife Insurance as Strategic Investor in Series B Funding
17:16
-
Côte d’Ivoire, Benin, Togo Agree on Regional Gas Coordination Mechanism
17:05
-
African Coffee Exports Hit Record 1.18M Tons in 2024/25 as Global Shipments Fall
15:45
-
Algerian Super-App Startup Yassir, Huawei Launch Cooperation on Cloud, AI and Mobility
15:08
-
Cameroon Updates Impact Palmares Contract to Strengthen e-Visa System
12:05
Camtel to launch Blue Money in 2026, entering Cameroon’s crowded mobile money market led by MTN Mo...
Eritrea faces some of the Horn of Africa’s deepest infrastructure and climate-resilience gaps, lim...
Huaxin's $100M Balaka plant localizes clinker production, saving Malawi $50M yearly in f...
Nigeria seeks Boeing-Cranfield partnership to build national aircraft MRO centre Project aims t...
West African universities met in Dakar to address youth employment Delegates drafted a 10-15 ...
Private TV channels face declining ad revenue and rising diffusion costs, including a fixed annual TNT fee of CFA75 million ($133,230). Burkina Faso...
The U.S. commits $158 million over five years to strengthen Rwanda’s disease control capacity. Rwanda adds $70 million in domestic health...
Africa’s coffee exports hit record 1.18M tons in 2024/25, up 18.6% Ethiopia and Uganda drove nearly 80% of continent’s shipments Arabica...
Huawei partners with Algerian startup Yassir to boost local tech solutions Focus areas include cloud, AI, mobile payments, and digital...
Cidade Velha, formerly known as Ribeira Grande, holds a distinctive place in the history of Cape Verde and, more broadly, in the history of the Atlantic...
Mauritius recorded a 56% increase in UK Google searches for “Christmas in Mauritius” over the past three months. The island ranked fourth overall...