Power Development(01277.HK) increases MC Mining to 44.01%

NightAirdropper · 2026-02-26T09:31:07+00:00

Power Development has subscribed for 325,437,024 shares of MC Mining's new shares, representing approximately 44.01% of the shareholding. MC Mining's mineral rights resources total approximately 8.3 billion tons, with the Makhado project currently under development and expected to be completed in 2026, which may enhance production capacity in the future.

NightAirdropper

2026-02-26 09:31:07

Abstract generation in progress

Gelonghui February 24 — Powerlong Development (01277.HK) announced that after completing a recent batch of subscriptions (the sixth batch of the second delivery), the company has subscribed for and been allocated a total of 325,437,024 shares of MC Mining’s new ordinary shares. The company (including its designated persons) currently holds approximately 44.01% of MC Mining’s enlarged issued share capital.

MC Mining’s total mineral rights resources (in-situ total tonnage) amount to about 8.3 billion tons, including flagship projects Makhado, Vele coal mine, Uitkomst coal mine, and the Greater Soutpansberg Project (GSP). Among these, the resource volume of the Makhado project (in-situ total tonnage) is 706 million tons, mainly producing coking coal and 5,500 kcal thermal coal. These projects lay a solid foundation for long-term development in the future. Currently, the construction of the Makhado project continues to progress steadily. The project is expected to be completed by the end of March 2026, with joint commissioning planned to start in April 2026.

The Makhado project is designing and testing future capacity enhancement plans. If testing proceeds smoothly, it is expected that the annual production capacity can be further increased to 2.2 million tons of coking coal and 1.8 million tons of thermal coal within the next two years.

View Original

This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.