Power Development (01277): The Makhado project has officially commenced production.

Zhitong Finance APP reported that Power Development (01277) announced that the group has completed its subscription for 51% of MC Mining's new ordinary shares on April 22, 2026, with a total subscription price of $90 million. Additionally, on June 11, 2026, the group subscribed for MC Mining's convertible bonds, with a total principal amount of $6.136 million, which can be converted into new shares of MC Mining issued to the company upon maturity along with accrued interest. The above investments are funded by the group's own capital and part of the proceeds from placements, and will mainly be used for the construction and operation of the Makhado flagship coking coal project located in South Africa, which is owned by MC Mining. The group will further develop the Greater Soutpansberg (GSP) project under MC Mining, with total resources of approximately 7.604 billion tons for both projects. The Makhado project officially commenced production on August 1, 2026. The project status and detailed progress are as follows: