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
-
Algeria Launches 2026 Energy Bid Round with Seven Exploration Blocks
10:09
-
LifeBank Founder Giwa-Tubosun Targets Gaps in Medical Supply Chains
10:07
-
Bassim-swé Hugues Bamassi Launches OrgaAfrica to Streamline Retail Operations
10:05
-
The Virunga Gorilla Marathon: Reviving One of the World’s Most Unique Landscapes
09:47
-
Kredete launches stablecoin-backed credit card for Africans and diaspora
08:51
-
Tulupay Unveils Platform Linking Banks, Mobile Money and Blockchain Across Africa
08:45
-
Italian carbon fiber manufacturer Novation Tech opens first factory in Tunisia
08:31
-
Benin’s Decade of Reform-Driven Economic Transformation, with Social Gains Uneven Still
08:23
-
Kribi Industrial Hub at Centre of Cameroon-China Investment Talks
08:01
-
Togo tops 100 bln CFA francs in 2026 borrowing on regional market
19:13
(EBID) - EBID aims to allocate nearly 41% of its commitments to projects with environmental and...
Mahindra & Mahindra is considering a CKD assembly plant near Durban to strengthen its presence i...
Four major operators—Mauritel, Mattel, Rimatel, and Chinguitel—submitted a combined bid of ...
Operators review 2025 investments, outline 2026 expansion plans Consumer complaints persist...
AFC disbursed €43 million for Côte d’Ivoire solar project Financing supports 66 MW pla...
The Virunga Gorilla Marathon is a relatively recent initiative held in the Virunga region, a volcanic mountain range straddling the borders of the...
Novation Tech opens first Tunisia factory with €22 million investment Monastir plant to produce carbon fiber automotive components Move...
Over the past decade, Benin has recorded one of the fastest growth rates in West Africa. Growth is projected at 7% in 2026, the highest in the WAEMU...
Nigeria opens applications for second cohort of national TVET program Training targets skills, offers stipend, covers multiple high-demand...
The Virunga Gorilla Marathon is a relatively recent initiative held in the Virunga region, a volcanic mountain range straddling the borders of the...
Lomé is hosting the 9th edition of the International Film Festival of Togo (FIFTO) featuring 33 films. The event promotes African storytelling in...