Minergy seeks P70m to finalise Masama

Minergy geologists study core samples taken from drilling PIC. MINERGY
Minergy geologists study core samples taken from drilling PIC. MINERGY

Minergy Limited shareholders are due to meet next month to consider the company's plan to raise P70 million via the offer of 82 million new shares to institutional investors.

Minergy is developing Masama Coal Mine, which early next year will be Botswana’s second colliery and the first open cast coal mine in the country.  The mine and associated coal wash plant, are being developed 50 kilometres northwest of Gaborone and will involve the export of an initial one million tonnes per annum into South Africa.  Masama is estimated to hold 390-million tonnes of coal.

A circular issued to shareholders this week, indicates that Minergy intends to use most of the proceeds of the offer to fund the completion of the mining box cut, which is required to bring the mine into production.  The offer price for the new shares is P0.85, a significant discount from the levels Minergy is presently trading at on the Botswana Stock Exchange.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

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