JSE listed MC Mining has reported a significant decrease in its aftertax loss for the year ended June 30, thanks to a marketing agreement that has paved the way for lucrative opportunities in the global coal market. The company's loss decreased by 79% to $4.4-million, compared with a loss of $20.8-million in the 2022 financial year.
JSE listed MC Mining has reported a significant decrease in its aftertax loss for the year ended June 30, thanks to a marketing agreement that has paved the way for lucrative opportunities in the global coal market.
The company’s revenue benefitted from the coal sales and marketing agreement with Overlooked Collieries, which provided it access to the more lucrative international market.The sale of Uitkomst coal on the international market resulted in net revenue per tonne increasing to $142/5, from $104/t. Uitkomst’s cost per saleable tonnes also increased from $85/t to $123/t, owing to an increase in costs for explosives, employees, logistics and port costs among others.
Gomwe said the rights issue provided an opportunity for new equity investors to participate in MC Mining’s growth strategy. The increase in volumes was used in the detailed CHPP and infrastructure design work while revised mine plans were completed during the 2023 financial year.
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