South African coal developer MC Mining has announced that it has raised $9.94 million in equity financing to support the development of its flagship Makhado coal project in limpopo province.
According to a company statement, MC Mining has signed binding agreements with its controlling shareholder Kinetic Development Group, a Hong Kong-based investment group, and minority shareholder Eagle Canyon International Group on unsecured debt financing. Kinetic Development Group will provide $8.45 million and Eagle Canyon International Group will provide $1.49 million. MC Mining said the funding will strengthen its working capital position and support ongoing development activities at Makhado.
The Makhado project is expected to become one of South Africa's key sources of hard coking coals used in steel production. In a February 2026 update, MC Mining said the first phase of the project was moving from construction to commissioning, with stationary production planned for no later than the end of 2026.
South Africa remains a major exporter of coal, although domestic production of premium hard coking coal is limited, with the majority of production consisting of thermal coal consumed locally or exported through Richards Bay coal terminal. As the country's steel sector continues to rely on imported metallurgical coal and coke for blast furnace operations, Makhado's development could support local and
