MC MINING LIMITED MC Mining Limited (MC Mining or the Company) announced that the Industrial Development Corporation of South Africa Limited (IDC) has extended the date for repayment of the ZAR 160 million loan ($10.3 million) plus interest thereon and the terminal drawdown date of the additional ZAR 245 million ($15.8 million) loan facility for the development of Phase 1 of the Makhado hard coking coal project, to 30 November 2022. Drawdown of the additional ZAR 245 million ($15.8 million) loan facility remains subject to the IDC confirming its due diligence. As previously announced, repayment of the ZAR 160 million loan plus accrued interest was due by 31 January 2022.
The IDC which holds a 6.7% equity in Baobab Mining & Exploration (Pty) Ltd. (a subsidiary of MC Mining), remains committed to the Company's growth.
