Changes in Hong Kong stocks | Power Development (01277) rose more than 4% The Makhado project has officially been put into production and is expected to further increase annual production capacity in the next two years

The Zhitong Finance App learned that Power Development (01277) rose by more than 4%. As of press release, it had risen 4.39% to HK$1.785, with a turnover of HK$23.39 million.

According to the news, Power Development announced that the Group completed the subscription for 51% of MC Mining's new common stock on April 22, 2026, with a total subscription cost of 90 million US dollars. On June 11, 2026, the Group subscribed for MC Mining's convertible stock notes with a total principal amount of US$6.136 million, which can be converted into new shares issued by MC Mining to the company on the maturity date along with interest. The above investments were all raised from the Group's own capital and part of the placement proceeds. After investment, they were mainly used to build and operate MC Mining's flagship coking coal project in Makhado in South Africa.

Among them, the Makhado project was officially put into production on August 1, 2026. Based on the existing design capacity of the coal preparation plant in the Makhado project, it is expected to produce 280,000 tons of coking coal and 230,000 tons of thermal coal within 2026; the annual production capacity will reach 880,000 tons of coking coal and 720,000 tons of thermal coal in 2027. In addition, the Makhado project is planning a future production capacity increase plan during the same period, and the Group expects to further increase annual production capacity to 2.2 million tons of coking coal and 1.8 million tons of thermal coal within the next two years.