Minergy eyes first profits from Masama

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.