MC Mining CEO Resigns After Goldway’s 93% Stake Acquisition and Project Advancements

  • CEO Godfrey Gomwe resigns, effective June 30, 2024, after Goldway Capital’s 93% stake acquisition.
  • MC Mining's significant achievements under Gomwe include a Rights Issue and Makhado Project advancements.
  • Future plans include finalizing fundraising for the Makhado Project and appointing a new CEO.

MC Mining

MC Mining Limited announced the resignation of CEO Godfrey Gomwe. His departure will be effective at the close of business on June 30, 2024. Gomwe joined MC Mining in April 2022 as a Non-Executive Director and became CEO later that month.

Achievements Under Gomwe’s Leadership

During Gomwe’s tenure, MC Mining completed a significant Rights Issue in November 2022. This Rights Issue facilitated the enhancement of the Makhado hard coking steelmaking coal project. The detailed Makhado life-of-mine and Implementation plans added significant value to the project.

Goldway Capital’s Successful Acquisition

Goldway Capital Investment Limited acquired over 93% of MC Mining’s issued ordinary shares in April 2024. This acquisition process resulted in the vesting of Gomwe’s 8,000,000 options, exercisable by April 27, 2027.

Interim Chairman’s Statement

Mathews Senosi, Interim Chairman of MC Mining, expressed gratitude for Gomwe’s contributions. “On behalf of the Board, I thank Mr. Gomwe for his significant contributions as Managing Director & Chief Executive Officer,” said Senosi. “The Company now has a foundation that positions it to finalize the fundraising required to develop our flagship Makhado steelmaking hard coking coal project.”

Future Plans and Leadership Transition

An Appendix 3Z (Director’s Final Interest Notice) for Gomwe will be released separately. The Company plans to update the market on the MD & CEO position shortly.

MC Mining’s Strategic Projects

MC Mining’s key projects include:

  • Uitkomst Colliery: Metallurgical and thermal coal.
  • Makhado Project: Steelmaking hard coking coal.
  • Vele Colliery: Steelmaking semi-soft coking and thermal coal.
  • Greater Soutpansberg Projects: Steelmaking coking and thermal coal.