24th Jun 2024 11:37
MC Mining Ltd - Canberra, Australia-based developer of coal mines across South Africa - Chief Executive Officer Godfrey Gomwe will step down from his role, and as managing director, with effect from the close of business on June 30. Gomwe was hired as a non-executive director in April 2022, and was promoted to CEO later that month.
MC Mining notes the completion in November 2022 of a rights issue which "facilitated the enhancement and progression of the studies required to construct the shovel-ready Makhado hard coking steelmaking coal project...and the formulation of the detailed Makhado life of mine and implementation plans. The increase in the Reserves and hard coking steelmaking coal yields reported in the plan added significant value to the project." Also notes April's off-market deal resulting in Goldway Capital Investment Ltd holding 93% of MC Mining. Goldway offered in May to buy out all remaining shares at AUD0.16 each, around 8.40 pence.
Interim Chair Mathews Senosi thanks Gomwe for his "significant contributions", adding: "The company now has a foundation that positions it to finalise the fundraising required to develop our
flagship Makhado steelmaking hard coking coal project."
Current stock price: ZAR1.92
12-month change: up 6.1%
By Emma Curzon, Alliance News reporter
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