Appendix 5B

RNS Number : 0511O

MC Mining Limited

25 January 2019

 

+Rule 5.5

Appendix 5B

Mining exploration entity and oil and gas exploration entity quarterly report

Introduced 01/07/96  Origin Appendix 8  Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10, 17/12/10, 01/05/13, 01/09/16

Name of entity
MC Mining Limited
ABN		Quarter ended ("current quarter")
98 008 905 388		31 December 2018

Consolidated statement of cash flows			Current quarter $USD'000	Year to date 6 months) $USD'000
1.	Cash flows from operating activities
1.1	Receipts from customers		7,368	16,185
1.2	Payments for
	(a)   exploration & evaluation
	(b)   development		-	-
	(c)   production		(6,368)	(11,845)
	(d)   staff costs		(1,131)	(3,331)
	(e)   administration and corporate costs		(2,156)	(3,502)
1.3	Dividends received (see note 3)		-	-
1.4	Interest received		119	236
1.5	Interest and other costs of finance paid		-	-
1.6	Income taxes paid		(324)	(324)
1.7	Research and development refunds		-	-
1.8	Other (provide details if material)		-	-
1.9	Net cash from / (used in) operating activities		(2,492)	(2,581)
2.		Cash flows from investing activities	-	-
2.1		Payments to acquire:
		(a)   property, plant and equipment	(417)	(5,956)
		(b)   tenements (see item 10)	-	-
		(c)   investments	(184)	(250)
		(d)   other non-current assets	(2,474)	(2,474)
2.2		Proceeds from the disposal of:	-	-
		(a)   property, plant and equipment
		(b)   tenements (see item 10)	-	-
		(c)   investments	784	1,582
		(d)   other non-current assets	-	-
2.3		Cash flows from loans to other entities	178	1,173
2.4		Dividends received (see note 3)	-	-
2.5		Other (provide details if material)
2.6		Net cash from / (used in) investing activities	(2,113)	(5,925)
3.		Cash flows from financing activities
3.1		Proceeds from issues of shares	-	-
3.2		Proceeds from issue of convertible notes	-	-
3.3		Proceeds from exercise of share options	-	-
3.4		Transaction costs related to issues of shares, convertible notes or options	-	-
3.5		Proceeds from borrowings	-	2,751
3.6		Repayment of borrowings	(104)	(104)
3.7		Transaction costs related to loans and borrowings	-	-
3.8		Dividends paid	-	-
3.9		Other (provide details if material)	(42)	800
3.10		Net cash from / (used in) financing activities	(146)	3,447
4.		Net increase / (decrease) in cash and cash equivalents for the period
4.1		Cash and cash equivalents at beginning of period	10,427	10,912
4.2		Net cash from / (used in) operating activities (item 1.9 above)	(2,492)	(2,581)
4.3		Net cash from / (used in) investing activities (item 2.6 above)	(2,113)	(5,925)
4.4		Net cash from / (used in) financing activities (item 3.10 above)	(146)	3,447
4.5		Effect of movement in exchange rates on cash held	(236)	(413)
4.6		Cash and cash equivalents at end of period	5,440	5,440

5.	Reconciliation of cash and cash equivalents at the end of the quarter (as shown in the consolidated statement of cash flows) to the related items in the accounts	Current quarter $USD'000	Previous quarter $USD'000
5.1	Bank balances	5,408	10,394
5.2	Call deposits	32	33
5.3	Bank overdrafts
5.4	Other (provide details)
5.5	Cash and cash equivalents at end of quarter (should equal item 4.6 above)	5,440	10,427

6.	Payments to directors of the entity and their associates	Current quarter $USD'000
6.1	Aggregate amount of payments to these parties included in item 1.2	265
6.2	Aggregate amount of cash flow from loans to these parties included in item 2.3
6.3	Include below any explanation necessary to understand the transactions included in items 6.1 and 6.2
Salary payments for the quarter made to Non-Executive and Executive directors.

7.	Payments to related entities of the entity and their associates	Current quarter $USD'000
7.1	Aggregate amount of payments to these parties included in item 1.2
7.2	Aggregate amount of cash flow from loans to these parties included in item 2.3
7.3	Include below any explanation necessary to understand the transactions included in items 7.1 and 7.2

8.	Financing facilities available Add notes as necessary for an understanding of the position	Total facility amount at quarter end $USD'000	Amount drawn at quarter end $USD'000
8.1	Loan facilities	8,336	8,336
8.2	Credit standby arrangements
8.3	Other (please specify)	1,389	-
8.4	Include below a description of each facility above, including the lender, interest rate and whether it is secured or unsecured. If any additional facilities have been entered into or are proposed to be entered into after quarter end, include details of those facilities as well.
$USD8.3 million facility of the $USD 16.7 million provided by the Industrial Development Corporation of South Africa to the company's subsidiary is still available for drawdown. The loan is payable on the third anniversary of each advance plus a real after tax rate of return of 16% on the advanced amount . The $1.4 million facility was secured during the quarter from ABSA Bank Limited. The facility is for short-term working capital requirements and potential expansion opportunities, has a floating coupon at the South African Prime rate (currently 10.25% per annum) plus 1.0%, with the operating mine Uitkomst Colliery debtors ceded as security and is subject to annual review.

9.	Estimated cash outflows for next quarter	$USD'000
9.1	Exploration and evaluation
9.2	Development	(2,467)
9.3	Production	(5,128)
9.4	Staff costs	(876)
9.5	Administration and corporate costs	(1,479)
9.6	Other	(1,029)
9.7	Total estimated cash outflows	(10,979)

10.	Changes in tenements (items 2.1(b) and 2.2(b) above)	Tenement reference and location	Nature of interest	Interest at beginning of quarter	Interest at end of quarter
10.1	Interests in mining tenements and petroleum tenements lapsed, relinquished or reduced
10.2	Interests in mining tenements and petroleum tenements acquired or increased

Compliance statement

1        This statement has been prepared in accordance with accounting standards and policies which comply with Listing Rule 19.11A.

2        This statement gives a true and fair view of the matters disclosed.

Sign here:         ............................................................                        Date: .............................................

(Director/Company secretary)

Print name:       .........................................................

Notes

1.       The quarterly report provides a basis for informing the market how the entity's activities have been financed for the past quarter and the effect on its cash position. An entity that wishes to disclose additional information is encouraged to do so, in a note or notes included in or attached to this report.

2.       If this quarterly report has been prepared in accordance with Australian Accounting Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If this quarterly report has been prepared in accordance with other accounting standards agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards apply to this report.

3.       Dividends received may be classified either as cash flows from operating activities or cash flows from investing activities, depending on the accounting policy of the entity.

 

END

 

 

MSCPGUPPGUPBGAC