Minergy sees hope despite P117m loss

Friday, October 02, 2020

covid19

The pandemic resulted in lockdowns which limited Minergy’s sales from its Masama Coal Mine at Medie, while coal prices plummeted beyond what the company had forecast. The virus’ impact forced the company to cut its targeted sales from 80,000 tonnes per month to 60,000 tonnes.

The COVID-19 impact also resulted in Minergy intensifying its fundraising activities and refocussing its targets for its first year towards simply breaking even.

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Minergy sees hope despite P117m loss

covid19