MC Mining received a non-binding indicative cash takeover bid from Vulcan Resources (ASX:VUL) at a price range of 17 cents to 20 cents per share.

The proposal values MC Mining between $69.3 million and $81.6 million and is contingent on conditions, including due diligence.

The independent board committee recommends shareholders consider the Vulcan offer over a prior 16 cents per share bid from Goldway Capital Investment.

MC Mining plans to assess Vulcan's proposal with financial and legal advisors.