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Gov’t sticks by Minergy despite market red flags

Friday, June 20, 2025 | 360 Views |

In trouble: Government is seeking solutions for its heavy investment in Minergy

Government is sticking to its oath to support Minergy Ltd and is searching for more options on top of the P700 million debt to equity swap announced earlier this year, despite coal trading $110 per tonne below the coal company’s breakeven point.

This week, Minerals and Energy Minister Bogolo Kenewendoa said efforts are ongoing to find solutions for Minergy, whose Masama Coal Mine in Medie is the country’s second colliery after Morupule Coal Mine.

Government recently converted its significant debt in Minergy to equity, in an effort to restructure the company’s balance sheet and support its survival. Several government-linked entities have supported Minergy since its establishment through both equity and debt.

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