REGENESIS
A N N U A L
R E P O R T 2 0 2 2
SCOPE OF THE REPORT
MC Mining Limited (MC Mining or the Company) presents its annual report for the year ended 30 June 2022, in line with international trends and best practice. The contents of this report have been informed by regulatory obligations, our risk management processes and the stated interests of our stakeholders. The financial and non-financial activities and performance of MC Mining's colliery and projects are covered in this report.
In line with our commitment to mine responsibly, we have reported on our sustainability performance with the aim of incrementally improving both our performance and reporting in this area and, in this respect, our reporting is aligned with the principles of the International Council on Mining and Metals (ICMM).
Although the Company only operates in South Africa, our primary listing remains on the Australian Securities Exchange (ASX), with secondary listings on both the Alternative Investment Market (AIM) of the London Stock Exchange (LSE) and the Johannesburg Stock Exchange (JSE). This report complies with Australian Accounting Standards, the Corporations Act, 2001 and the International Financial Reporting Standards (IFRS). The compilation of the Reserves and Resources is according to the Australasian Joint Ore Reserves Committee (JORC) guidelines, carried out by the Company's Competent Person, Mr J.C.H.K. Sparrow and independent consultants Mr B.J. Bruwer and Mr C.W. Archer. The Resources and Reserves in the report are published with the Competent Persons' consent.
This report was compiled according to the ASX corporate governance principles.
All reference to $ is to United States dollar, unless otherwise stated.
FORWARD-LOOKING STATEMENTS
This report contains forward-looking statements which are not historical facts. Any statement that expresses or implies MC Mining's intentions, beliefs, expectations or predictions (and the assumptions underlying them) is a forward-looking statement. Forward- looking statements involve inherent risks, uncertainties and assumptions including, without limitation, risks related to the timing or ultimate completion of any proposed transactions or projects, and the possibility that benefits may not materialise as expected. If such risks
or uncertainties materialise or such assumptions prove incorrect, actual results could differ materially from those expressed or implied by such forward- looking statements and assumptions. The forward-looking statements in this report are made as of the date of this report, and MC Mining expressly disclaims any obligation to update or correct these statements due to events occurring after issuing this report. The financial information on which the forward-looking statements are based has not been audited nor reported on by the Company's independent external auditors.
ANY QUERIES REGARDING THIS REPORT OR ITS CONTENTS SHOULD BE ADDRESSED TO:
Stephen Rowse
MC Mining
Telephone: +27 10 003 8000
Email: stephen.rowse@mcmining.co.za
Address:
Ground Floor, Greystone Building,
Fourways Golf Park,
Roos Street,
Fourways, 2191,
South Africa
MC Mining ANNUAL REPORT 2022
INSIDE THIS
REPORT
OVERVIEW
- Key highlights
- Who we are
- Where we operate
- Our assets
YEAR IN REVIEW
- Chairman's Report
- CEO's Operations Review
- Regulatory Compliance
- Resources and Reserves Statement
SUSTAINABILITY REVIEW
23 Introduction
26 Safety and Health
28 Stakeholder Engagement
33 People and Culture
35 Our Environmental Commitments
39 Social Commitments
ANNUAL
FINANCIAL
STATEMENTS
43 Directors' report
- Directors' declaration
- Independent auditor's report
- Auditor's independence declaration
- Consolidated statement of financial position
- Consolidated statement of profit or loss and other comprehensive income
- Consolidated statement of changes in equity
- Consolidated statement of cash flows
- Notes to the consolidated financial statements
ADMINISTRATION
117 Tenements held by MC Mining and its controlled entities
121 Shareholder information
123 Glossary of terms and acronyms
IBC Corporate information
Scan this QR code to download the PDF of the report, alternatively, visit the website at www.mcmining.co.za
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MC Mining ANNUAL REPORT 2022 1
OVERVIEW
MC Mining's aim is to be the pre-eminent South African producer of metallurgical coal to create sustainable benefits through a shared value approach
IN THIS SECTION
- Key highlights
- Who we are
- Where we operate
- Our assets
Makhado Project
2 MC Mining ANNUAL REPORT 2022
OVERVIEW
KEY HIGHLIGHTS
Revenue/t at
Uitkomst improved by
49%
Sold 225,096t of Uitkomst
coal generating
$23.5
million
Operating cash flows of
$3.6 million
(FY2021: $1.7 million) generated by the Uitkomst Colliery
Uitkomst production costs per saleable tonne reduced by
5%
Zero fatalities (FY2021: nil) and six lost-
time injuries (FY2021: six)
Entered into a Convertible Advance and Subscription Agreement with South African-based mining group, Senosi Group Investment Holdings (Proprietary) Limited (SGIH) and in terms of this agreement, received ZAR46.0 million ($3.0 million)
in FY2022. This resulted in the issue of 38,363,909 ordinary shares to SGIH
Payment of the final of ZAR35 million ($2.3 million) for two key Makhado properties and the Company now owns the surface rights for the project mining area
Completion of the Makhado Project 'Base Case' Bankable Feasibility Study
Integrated Water Use Licence applications granted for the Uitkomst Colliery and nearby Wykom siding
Appointment of Mr Godfrey Gomwe as
Managing Director and Chief Executive
Officer (CEO)
Secured a ZAR60 million ($3.5 million) Standby Loan Facility from Dendocept (Proprietary) Limited (Dendocept), a 1.4% shareholder in MC Mining
The Industrial Development Corporation of South Africa Limited (IDC) agreed to extend the repayment date for the ZAR160 million ($9.8 million) loan plus accrued interest to 30 November 2022
The terminal drawdown date of the additional ZAR245 million ($15.0 million) IDC term loan for the development
of Makhado, was also extended to
30 November 2022, subject to the IDC re-affirming its financial due diligence and credit approval
22,169t (FY2021: 0t) of coal were at the Durban port at the end of June 2022 for export in terms of the Coal Sales & Marketing Agreement with Overlooked (Proprietary) Limited (Overlooked), announced by the Company in July 2022
MC Mining ANNUAL REPORT 2022 3
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MC Mining Limited published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 11:39:09 UTC.