MC Mining (ASX:MCM) said Kinetic Development Group now holds about 44.01% of its issued ordinary share capital after the completion of the sixth tranche of the second closing under the subscription agreement, according to a Tuesday filing with the Australian bourse.

Further issuances of shares remain subject to the satisfaction of conditions precedent, the filing said.

Meanwhile, the company's Makhado project in South Africa is advancing to commissioning, with steady-state production expected to be reached by the end of the year, per the filing.

MC Mining shares rose 2% in afternoon trade on Tuesday.