MC Mining satisfies condition for drawdown of IDC loan

Coal miner MC Mining has satisfied the conditions in a restructured loan agreement with the Industrial Development Corporation of South Africa, with this condition required for the company to secure commitments for the issue of new equity for a collective R15-million. In terms of the agreement, the company will now draw down R40-million and these funds will be used to advance the Makhado hard coking coal project and for general working capital.