- MC Mining said it had signed a coal sales agreement with steelmaker ArcelorMittal's South African division.

The off-take agreement would see ArcelorMittal purchase hard coking coal from the first phase of the Makhado project in South Africa.

ArcelorMittal would purchase a minimum of 350,000 tonnes annually and had the right to acquire a further 100,000 tonnes per year.

The agreement comes after another offtake agreement was signed in April with an unnamed buyer.

'Completion of these off-takes satisfies a key requirement for the Makhado project's economics and allows funding discussions to gain further traction with construction anticipated to commence in the third quarter of 2019,' the company said.

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