HK Stock Market Move | KINETIC DEV (01277) rose over 4%, and the Makhado project has officially started production, with expectations to further increase annual capacity in the next two years.

KINETIC DEV (01277) surged over 4%. As of the time of this report, it is up 4.39%, trading at HK$1.785, with a transaction volume of HK$23.039 million. In terms of news, KINETIC DEV announced that the group has completed the subscription for 51% of the new ordinary shares of MC Mining on April 22, 2026, with a total subscription cost of US$90 million. On June 11, 2026, the group subscribed to convertible bonds issued by MC Mining, with a principal amount of US$6.136 million, which can be converted into new shares issued by the company at maturity along with interest. The above investments are all funded by the group's own capital and part of the proceeds from the placing, primarily for the construction and operation of the Makhado flagship coking coal project located in South Africa under MC Mining. The Makhado project officially began production on August 1, 2026. Based on the existing design capacity of the coal preparation plant for the Makhado project, it is expected to produce 280,000 tons of coking coal and 230,000 tons of thermal coal within 2026; by 2027, the annual capacity will reach 880,000 tons of coking coal and 720,000 tons of thermal coal. Additionally, the Makhado project has future capacity enhancement plans, and the group anticipates that it can further increase annual capacity to 2.2 million tons of coking coal and 1.8 million tons of thermal coal within the next two years.