JOHANNESBURG - MC Mining, the JSE-listed junior coal producer formerly known as Coal of Africa, said yesterday that it remunerated its directors and key management personnel by more than $1.67million (R25.32m) in the year to June as operating losses narrowed.
The company said in its consolidated financial statements for the year to June 30 that it paid chief executive David Brown $929604, which included a salary and fees of $440851, a bonus of $209474 and share-based payments of $279279.
Chief financial officer Brenda Berlin took home a total of $484722, which included salary and fees of $377336, a bonus of $58751 and $48635 in share-based payments, the company said.
In 2018, Brown received a total package of $963037 and Berlin, who was appointed in April 2018, received $131270.
The group said it was confident it would have sufficient cash flow to fund its operations for at least 12 months on cash flow forecasts, including a draw down of the new $17.3m Industrial Development Corporation term loan facility that was conditionally approved subsequent to year-end.