Kinetic Development Group Limited (1277) has announced the completion of the first to fifth tranches under the Second Closings of its share subscription in MC Mining. Following these subscriptions, the company has acquired 277,557,929 new ordinary shares in MC Mining and currently holds about 40.13% of MC Mining’s enlarged issued share capital.
MC Mining’s Makhado Project in South Africa, described as its flagship coal development, is making steady progress. According to MC Mining’s latest update, over 2.77 million cubic meters of overburden stripping have been completed to date, and the coal seam is targeted to be exposed in November 2025. Civil foundational works for the Coal Handling and Processing Plant are largely finished, with steelwork, mechanical, and equipment installations ongoing. Project infrastructure, including power and water supply, along with road and bridge works, is on track for completion by December 2025. Construction is anticipated to wrap up in time for joint commissioning to begin in January 2026.
Kinetic Development Group aims to ultimately hold 51.00% of MC Mining’s ordinary shares on a fully diluted basis, subject to satisfaction of certain conditions precedent for the remaining tranches. The company underscores that these conditions may or may not be fulfilled and advises investors to exercise caution when dealing in its securities.
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