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Minergy eyes first profits from Masama

Friday, September 23, 2022 | 210 Views |

Thinking positive: du Plessis expects Minergy to break even and possibly record a profit this year

Local coal producer, Minergy, expects that the current financial year will record its first period of operational profitability since its establishment, after strong results in the last quarter of the just-ended financial year.

Minergy, which owns Masama Coal Mine in Medie, kick-started operations in 2019 but has yet to produce profits due to both operational and market issues.

However, after three depressed quarters in the year to June 30, CEO Morne du Plessis said the last quarter of the reporting period had produced the first operational profit. The last quarter, running from April to June, was helped by record global demand for coal after Russia’s invasion of Ukraine sparked an energy crisis in Europe and other countries.

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Minergy eyes first profits from Masama

Local coal producer, Minergy, expects that the current financial year will record its first period of operational profitability since its establishment, after strong results in the last quarter of the just-ended financial year.