MC Mining to develop Phase 2 of Makhado in line with 2017 plan
Phase 2 of ASX-, Aim- and JSE-listed MC Mining’s Makhado hard coking and thermal coal project will be developed according to the 2017 Makhado ‘Lite’ project plan, the emerging coal miner confirmed last week.
The announcement follows the MC Mining’s board approval earlier this month of the phased development of the company’s flagship project, which will result in the start of mining operations in the west pit.
The Makhado ‘Lite’ project plan was announced in October 2017, with the revision entailing the production of four-million tonnes of run-of-mine (RoM) coal a year starting in the east and central pits, including the construction of the Makhado project processing plant and related infrastructure.
Construction of Phase 1 is set to start in the west pit in the third quarter of this year and will produce three-million tonnes of RoM coal a year, while Phase 2, with an expected development start date of about 2022, will generate an estimated four-million tonnes of RoM coal a year.
CEO David Brown said last week the development of the first phase would entail the construction of the west pit, modification of the existing Vele processing plant and the use of road and rail infrastructure previously tested. He added that this approach would reduce the capital requirements and the period for delivery of saleable coal to market, moderating execution risk.
The Phase 1 composite funding plan, announced earlier this month, requires MC Mining to raise about $50-million, made up of new debt of $20-million and additional equity funding of $30-million.
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