ASX- and JSE-listed MC Mining has advised that Hong Kong-listed Kinetic Development Group now holds 44.01% of the company’s shares following a range of share subscription arrangements valued at $91-million.

Meanwhile, the company’s flagship Makhado project, in South Africa’s Limpopo province, continues to progress from construction to commissioning in line with development plans.

The company is undertaking overburden stripping at the openpit, with more than five-million cubic meters of overburden having been removed to date.

MC Mining expects coal seams to be exposed soon as development of the pit reaches final stages.

“Mining activities remain aligned with the planned delivery of run-of-mine (RoM) coal to the coal handling and preparation plant (CHPP) during commissioning,” the company states.

In terms of the CHPP, MC Mining says civil foundation works have largely been completed. Current activities at the plant are focused on structural steelworks, mechanical installation and equipment fit-out.

The company is also progressing electrical and pipeline work at the plant, with completion of all construction works targeted for the end of March.

MC Mining will start hot commissioning and integrated trial operations at Makhado during April.

Makhado’s initial production performance will depend on commissioning outcomes, operational ramp-up and prevailing operating conditions.

Future expansion of production capacity beyond the foundation phase target of four-million tonnes a year of RoM feed to the coal processing plant, resulting in 776 000 t/y of coking coal and 645 000 t/y of thermal coal, is subject to further technical evaluation, board approval, funding availability and any supplementary regulatory approvals.

MC Mining says that, should the future expansion of production result in favourable outcomes, further growth plans will be pursued to increase Makhado’s yearly production capacity to 2.2-million tonnes a year of coking coal and 1.8-million tonnes a year of thermal coal within the next two years.