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
-
Côte d'Ivoire Tops ECOWAS Gender Equality Ranking
05:53
-
Algeria's Sovereign Cloud Push Targets Tech Jobs for Young Developers
05:49
-
Yaoundé Dialogue Reframes Migration as Economic System, Puts Youth at the Centre
19:12
-
Cameroon Awards five Oil Blocks, four Remain Unawarded in Latest Round
18:32
-
Uranium: Lotus Advances Toward Production in Botswana as Orano Moves In
15:57
-
Togo plans tighter checks, digital tools to tackle uninsured vehicles
06:02
-
Spiro Partners Yango Operator to Roll Out Electric Motorbikes in Douala
05:56
-
Lacs 1 municipality reviews 2025 accounts, posts 9.5 mln CFA franc deficit
05:53
-
Douala Partners Huawei to Advance Digital Transformation Plans
05:46
-
Togo lists 168 licensed architects in latest official registry
05:33
Mediterrania Capital bought Australian Amcor's Moroccan packaging unit Enko Capital took ov...
Standard Chartered arranges $2.33 billion for Tanzania railway project Funding support...
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 ...
Côte d'Ivoire ranked first on gender equality within the Economic Community of West African States (ECOWAS) with a score of 0.708, above the regional...
Public accelerator Algeria Venture launched AventureCloudz on Thursday, April 30, a cloud platform for software developers, hosted on Algerian soil and...
Société sucrière du Cameroun (Sosucam), a subsidiary of France's Castel group, invested 2.5 billion FCFA (about $4.5 million) in a new sugar...
Gambian authorities, working with the Economic Community of West African States (ECOWAS) Commission, inaugurated the National Center for Response to...
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....