MC Mining's share price rises 6.15% following Uitkomst Colliery turnaround strategy

MC Mining's share price surged 6.15% after it announced a revised turnaround strategy for its Uitkomst Colliery subsidiary.

- EDWARD WEST

The share price shot up by 6.15% to R1.38 on Tuesday morning. A year ago, the share price was trading at R1.73.

In a statement on the JSE's news service the company's directors said the turnaround plan will see significant operational changes that position the colliery for a future growth phase.

Uitkomst Colliery, located in KwaZulu-Natal, is part of MC Mining's strategy of supporting South Africa's Steel Master Plan, whilst itself, becoming a significant regional supplier of steelmaking coal products.

Uitkomst produces, for the steel industry, pulverized coal injection (PCI) and for the South African manufacturing industry, specialized, high quality-sized coal products, both of which reduce input costs and provide the domestic steel industry with much needed import substitution.