HK Stock Market Move | KINETIC DEV (01277) rose nearly 4% again as South Africa's Makhado coking coal project officially commenced production.

Kinetic Dev has announced that its flagship coking coal project in the Limpopo Province of South Africa, Makhado, officially commenced production on August 1. This marks the beginning of a new cycle of accelerated value release for the group's high-quality overseas production capacity. It is reported that this project is a core asset of MC Mining, from which Kinetic Dev previously completed the acquisition of 51% of the new ordinary shares and convertible notes worth a total principal of $6.136 million. According to the design capacity of the existing coal washing plant, it is expected to produce 280,000 tons of coking coal and 230,000 tons of thermal coal by 2026. The projected annual production capacity for 2027 is expected to reach 880,000 tons of coking coal and 720,000 tons of thermal coal. At the same time, the group plans to further enhance its annual production capacity to 2.2 million tons of coking coal and 1.8 million tons of thermal coal over the next two years.