Junior coal miner MC Mining said its revenue almost doubled in its year to end June, helped by a new marketing deal which gave it access to the more lucrative global market.
A marketing agreement with Overlooked Collieries resulted in net revenue per tonne increasing to $142 from a $104, the group said. The Makhado steelmaking hard coking coal project has the required regulatory approvals and surface rights over the mining and processing areas and is"shovel ready," the group said, and an optimisation study was completed by independent experts, resulting in the annual capacity increasing from 3.2 million tonnes per annum to 4 million. Construction is expected to take 18 months and it has begun early works, including for electricity supply infrastructure.