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.