MC Mining Second-Quarter Coal Production Down 20%

Company News

by Anna Napoli

Coal miner, MC Mining (ASX:MCM) says coal production fell 20 per cent in the second quarter, however the miner expects a pick-up in the coming months.

The company says the decrease was due to a number of factors including continued equipment availability issues, and, process challenges following transition to owner mining in August 2018.

On a positive note the company received a boost from favourable coal prices, with revenue for its Colliery coal increasing by 49 per cent per tonne.

MC CEO, David Brown says the company made significant progress on its Makhado Project during the quarter, agreeing the terms to acquire key surface rights and an off-take agreement.

Shares in MC Mining (ASX:MCM) closed 3.68 per cent lower at $9.15 on Friday.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.