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MC Mining secures R20m banking facility for Uitkomst Colliery

26th June 2018

By: Marleny Arnoldi

Deputy Editor Online

     

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Coal developer MC Mining has secured a R20-million general banking facility from Rand Merchant Bank for its 70%-owned subsidiary Uitkomst Colliery, in KwaZulu-Natal.

“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 MC Mining CEO David Brown.

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Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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