KINETIC DEV Surges Over 4% in Early Trading as South Africa's Makhado Coking Coal Project Commences Production

Deep News08-06

KINETIC DEV (01277) experienced a notable rise of over 4% in early trading, with shares climbing 4.48% to HK$1.865, and a trading volume of HK$16.8227 million as of the time of writing.

The company announced that its flagship Makhado coking coal project, located in South Africa's Limpopo province, officially commenced production on August 1. This milestone signals the start of a new phase of accelerated value realization for the group's high-quality overseas capacity.

This project is a core asset of MC Mining, in which KINETIC DEV previously completed the acquisition of 51% of new ordinary shares and convertible notes with a principal amount of US$6.136 million. Based on the existing coal preparation plant's design capacity, the project is expected to produce 280,000 tonnes of coking coal and 230,000 tonnes of thermal coal in 2026. By 2027, annual capacity is projected to reach 880,000 tonnes of coking coal and 720,000 tonnes of thermal coal. Furthermore, the group plans to boost annual capacity to 2.2 million tonnes of coking coal and 1.8 million tonnes of thermal coal within the next two years.

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