(Ecofin Agency) - 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