15 Sept 2023other● Neutral
Computershare's Perth office, the Australian share registry, moves address from 18 September 2023. Administrative notice only; UK and South African registries are unchanged.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
31 July 2023quarterly activities report● Neutral
June 2023 quarter: Uitkomst ROM 118,469t, sales 53,489t; Vele contractor delivered 48,092t of thermal coal. Makhado contractor tenders began, due to finish Q3 CY2023. Cash $7.5m. IDC extended the R160m loan to 30 September 2023 and withdrew the R245m facility.
31 July 2023quarterly activities report▼ Bad
June 2023 quarter cash flow: operating inflow $0.4m, investing outflow $4.7m, borrowings repaid $1.2m. Cash fell to $7.5m from $14.1m. IDC loan of $8.5m now matures 30 September 2023.
25 July 2023debt financing● Neutral
IDC extended the R160m (about US$8.9m) loan repayment from 30 June to 30 September 2023. The separate R245m facility was not extended; the company says the larger Makhado scale makes it redundant. Makhado funding now expected H2 2023.
30 June 2023resource reserve update▲ GoodMajor
Makhado coal reserves rose 53% from 69Mt to 106Mt, and mine life from 22 to 28 years. Peak funding rises 11% to US$96m. Post-tax NPV ZAR6.8bn, IRR 37%. Project interest stated as 67.3%.
28 Apr 2023quarterly activities report▼ Bad
March 2023 quarter cash flow: receipts $4.1m, operating outflow $3.3m, investing outflow $2.1m. Cash fell to $14.1m from $20.2m. IDC loan of about $9.0m still matures 30 June 2023.
28 Apr 2023quarterly activities report● Neutral
March 2023 quarter: Uitkomst ROM 101,616t, sales 78,032t; Vele delivered 48,581t of thermal coal. Thermal coal prices averaged $146/t, down from $273/t. Makhado funding now expected early Q3 2023 (previously first half). Cash $14.1m.
26 Apr 2023resource reserve update▲ GoodMajor
Makhado implementation plan completed: processing plant capacity doubled to 4.0Mtpa, and average hard coking coal output in first five years rises to 880,000tpa from 540,000tpa. The 69.3Mt reserve is expected to rise. Builds on the 2.0Mt plant approved earlier.
16 Mar 2023other● Neutral
MC Mining changed its JSE sponsor to BSM Sponsors from 16 March 2023. Administrative change with no financial impact stated.
15 Mar 2023half year report● Neutral
Half-year to December 2022: loss after tax $1.3m (prior $0.8m) on revenue $14.0m and gross profit $3.9m. Rights issue raised net $21.4m; cash $20m. Vele coal sales began January 2023; Makhado early works began February 2023.
15 Mar 2023half year report● Neutral
Half-year financial report to 31 December 2022: Uitkomst now 84% owned, Vele recommissioned in December, rights issue completed. Full report with directors' report and accounts; the text is truncated and key figures appear in the results announcement.
13 Mar 2023director officer appointment● Neutral
Yi (Christine) He, nominee of the Dendocept Consortium (23.9%), and independent Julian Hoskin, a mining engineer, join the board. Haohua's nominee Junchao Liu resigned. The text gives no reason for his departure.
31 Jan 2023quarterly activities report● Neutral
December 2022 quarter: cash rose to $20.2m from $2.2m after financing inflows of $21.2m, consistent with the rights issue. Operating cash outflow was $2.95m. Facilities drawn $10.5m, including the IDC loan, now maturing 30 June 2023.
31 Jan 2023quarterly activities report▲ Good
December 2022 quarter: Uitkomst ROM 99,336t, sales 56,817t including 40,747t exports. Uitkomst interest rose to 84% via a 14% buy-back from a BEE partner. Vele recommissioned under HOS; rights issue completed and Dendocept R60m settled. Cash $20.2m.
23 Dec 2022contract award▲ GoodMajor
Vele Colliery, idle since 2013, is outsourced for five years to contractor HOS, which will fund the plant upgrade and target 60,000t a month of thermal coal. MC Mining earns R200/t ($11/t). First sales are expected in Q1 2023.
21 Dec 2022material agreement▲ Good
Overlooked coal marketing agreement extended six months to 30 June 2023, with a minimum of 15,000t a month from January. July to November sales averaged $237/t FOB. Related party deal, as director Senosi is Overlooked's CEO and majority owner.
1 Dec 2022debt financing▲ GoodMajor
IDC extended repayment of the R160m ($9.4m) loan, previously due 30 November 2022, and the drawdown date for the extra R245m facility to 30 June 2023. The new drawdown remains subject to IDC due diligence and credit approval.
14 Nov 2022other● Neutral
Director dealings after the rights issue: SGIH (Senosi) now holds 95,357,455 shares (23.98%). The Dendocept group took 84,596,739 new shares, including 264,845 held indirectly by director Brian He Zhen (0.07%).
7 Nov 2022capital raising announcement▲ GoodMajor
The A$40m rights issue closed, issuing 200,026,719 shares at A$0.20. Shareholders applied for only 107.6m shares; the 92.4m shortfall went to sub-underwriters. SGIH and the Dendocept group each end with 23.98%; total shares 397,681,589.
What it means for a shareholder
200m new shares at A$0.200 to raise about A$40.0m. That's 56% dilution: every existing holder's slice gets 56% smaller. If you held A$1,000 of shares (5,000 at the issue price), your slice goes from 0.00324% to 0.00141% of the company. To keep it you'd need 6,477 more shares - about A$1,295 at the issue price.
Create a free account to see this worked out for your own holding.
31 Oct 2022quarterly activities report● Neutral
September 2022 quarter: Uitkomst ROM 126,053t, sales 42,686t at $125/t, including first exports under the Overlooked deal. Board approved a 2.0Mt a year Makhado processing plant, subject to funding. Rights issue launched; cash $2.2m.
31 Oct 2022quarterly activities report● Neutral
September 2022 quarter cash flow: receipts $11.0m, operating inflow $47k, cash fell to $2.2m from $3.07m. Facilities drawn $13.5m, including the IDC loan then due 30 November 2022. Rights issue proceeds not yet received.
28 Oct 2022annual report● Neutral
Appendix 4G and corporate governance statement for FY2022, confirming the statement is current at 28 October 2022 and available on the company website. Administrative filing with no new information.
28 Oct 2022annual report● Neutral
Full FY2022 annual report (year to 30 June 2022). Highlights include Uitkomst revenue per tonne up 49%, 225,096t sold, Makhado bankable feasibility study completed, and the SGIH and Dendocept funding. Repeats results already announced; the text is truncated.
13 Oct 2022capital raising announcement● Neutral
Offer booklet and entitlement forms for the A$40m rights issue were posted to eligible shareholders on 13 October 2022, with notices to ineligible holders. Administrative step in the rights issue announced 27 September; no new terms.
7 Oct 2022agm notice● Neutral
Annual general meeting set for 30 November 2022; director nominations must reach the company by 12 October 2022. Administrative notice with no new business information.
30 Sept 2022annual report▼ Bad
FY2022 loss widened to $20.8m from $11.8m, including $14.9m impairment of Vele-adjacent exploration and GSP assets. Revenue rose to $23.5m. Cash was $3.0m. The IDC R160m loan and R245m drawdown date are both extended to 30 Nov 2022.
30 Sept 2022annual report● Neutral
Full statutory accounts for the year to 30 June 2022, including the directors' report and audit report. Figures repeat the results announcement; the text provided is mostly director biographies.
27 Sept 2022capital raising announcement● Neutral
Offer booklet for the A$40m rights issue, closing 3 November 2022 with a record date of 12 October. Repeats the terms of the announcement: A$0.20 per share, underwritten by Morgans, with SGIH and Dendocept committed and sub-underwriting.
27 Sept 2022capital raising announcement▲ GoodMajor
Fully underwritten A$40m (ZAR472m) rights issue at A$0.20, 1.012 new shares per share held, a ~49.7% discount to the 30-day ASX VWAP. It funds Makhado equity and repays the R60m standby. About A$26m in debt commitments also received; construction targeted early 2023.
9 Sept 2022price query● Neutral
MC Mining said it knows of no unannounced news behind the 8 September price jump from $0.33 to $0.505 on light volume. It cited positive announcements and a thin market, and said Makhado debt and equity fundraising is advanced but not agreed.