Coal exploration, development and mining company MC Mining has appointed long-standing nonexecutive director Khomotso Mosehla interim chairperson, pending the outcome of a shareholder requisitioned meeting scheduled for April 11.
This follows the decision by Bernard Pryor to step down as chairperson with effect from March 11.
Pryor says he is leaving the board of MC Mining at a "hugely positive" time for the company.
“The recent investment by Senosi Group Investment Holdings (SGIH) and, in particular, the coal experience and skills they bring to the company, alongside completing the land acquisition for the Makhado project at a time of strong coal prices, means the company is well placed to finalise the Makhado financing and set out along a path to generate value for all stakeholders. This has been long overdue, but there have been numerous hurdles to overcome to reach this point.
“Further, as a shareholder, I wish the company all success in the future,” he commented.
Pryor had joined the company in August 2012, initially serving as a nonexecutive director and then as chairperson from February 2014.
At the time of his initial appointment, MC Mining was in a precarious financial position, having significant debt and operating several loss-making coal mines.
The company is now on more stable footing, having secured a large coal resource base, having substantially reduced its debt and with the recently announced R86-million capital raising agreement with SGIH.
The MC Mining board has expressed their sincere appreciation to Pryor for his role in helping to steer the company through some turbulent periods and wish him every success in his future endeavours.