Latest Development
KDG provided a $16m capital support package specifically to fund Makhado commissioning. MC Mining is now in the commissioning phase of the Makhado steelmaking coal project, with production targeted by year-end 2026. The “transitioning from developer to producer” language is now confirmed — update it to reflect that commissioning is actively underway.
Company Profile
Company TypePublic Company (ASX: MCM; JSE: MCZ; AIM: MCM)
HeadquartersMelbourne, Australia
Countries of OperationAustralia; South Africa
Founded6 December 1979 (as Golden Valley Mines NL; renamed Coal of Africa in 2007, then MC Mining Limited in November 2017)
Websitemcmining.co.za
Parent CompanyKinetic Development Group (51% controlling shareholder, via Kinetic Crest SPV)
SubsidiariesOperating subsidiaries holding Uitkomst Colliery, Makhado Project (67%), Vele Colliery, Greater Soutpansberg Projects (incl. MbeuYashu, 74%)
Key ExecutivesYi He (Chief Executive Officer); Bernard Pryor (Independent Non-Executive Chairman)
Revenue$17.45m (FY2025), down 52.4% from $36.67m (FY2024)
Market Capitalization~$53m (as of Sep 2025; likely materially changed given subsequent capital raises — recommend refresh)
Key Developments
KDG completed a $90m share subscription in April 2026, taking 51% control; $9.94m in convertible notes issued June 2026; latest $16m capital package (bridge loan + share subscription) announced 13 Aug 2026, all directed at commissioning the flagship Makhado project
Key Risks
FY2025 net loss widened to -$35.68m (+149% y/y); heavy and increasing financial dependence on KDG as controlling shareholder and primary funder; production ramp-up risk as Makhado transitions from commissioning to commercial output
What Happens Next
Makhado commissioning and ramp-up toward planned production levels by year-end 2026.
Commercial Opportunity
As MC Mining transitions to a producing metallurgical coal company, opportunities open in offtake, logistics (rail/port access already in place) and further equity/debt participation alongside KDG.
Commercial Opportunity Intelligence
Commercial ReadinessAdvanced — company is transitioning from developer to active producer as its flagship asset nears output; no longer early-stage as an entity, even though FY2025 financials are still loss-making.
Source & Verification Trail
Last VerifiedAugust 2026
Source(s)StockAnalysis.com; TradingView; IBISWorld; Mining Weekly; TipRanks
Source Date2026-05-05 to 2026-08-13