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Minergy seeks P70m to finalise Masama

MBONGENI MGUNI
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

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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.

A private placement by Minergy in the last financial year raised P29.95 million, lower than the P60 million targeted for that year.  With the project having secured a mining licence and moved key milestones this year, it is expected the latest fund raising will be more successful.



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