MC Minings Strong 2023 Financial Report and Safety Commitment

MC Mining Limited (ASX: MCM) has released its audited financial statements for the year ending June 30, 2023, reporting several significant changes. The company's loss after tax for the period decreased by 79% to AU$4.4 million, mainly due to reduced non-cash charges, including lower depreciation and amortization expenses and increased share-based payment expenses. Revenue increased by 91% to AU$44.8 million, resulting in a 43% increase in gross profit. Administrative expenses increased by 30% due to higher employee expenses related to project advancement and increased operational activities. Finance costs remained flat at AU$1.7 million.

MC Mining successfully completed a fully underwritten Rights Issue in November 2022, raising net proceeds of AU$21.4 million and increasing unrestricted cash balances to AU$7.5 million. The net asset value also increased by 13% to AU$87.4 million. In terms of safety, there were no fatalities during the period, and six lost-time injuries were recorded. The operational results for the Uitkomst Colliery showed a slight decrease in production tonnages but an increase in high-quality coal inventory. Despite challenges such as rising costs, MC Mining showed positive financial trends and a commitment to safety in the reported period.

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