Minergy indefinitely suspends operations at Masama

Grounded: Operations have been suspended at Masama due to cash flow troubles. The Mine kicked off in 2019 and had enjoyed a bumper 2022 after Russia’s invasion of Ukraine raised global coal prices PIC: MINERGYCOAL.COM
Grounded: Operations have been suspended at Masama due to cash flow troubles. The Mine kicked off in 2019 and had enjoyed a bumper 2022 after Russia’s invasion of Ukraine raised global coal prices PIC: MINERGYCOAL.COM

Minergy Ltd has indefinitely suspended operations at its Masama Mine in Medie, saying coal prices have fallen by 33% since mid-December affecting the company's cash flows.

CEO Morne du Plessis confirmed the latest developments in a statement released this evening. The move will affect more than 300 workers employed by mining contractor Jarcon Opencast Mining Botswana.

"As with many businesses, when structural changes occur in a market and external demand factors influence price, operational adjustments need to be made to bring operating costs in line," he said.

Editor's Comment
Consult, get buy-ins first for 6 to 6 policy, Hon Minister

While the minister is of the view that the proposal would have significant positive economic impact, the entertainment industry players believe otherwise. The issue has over the weeks become a hot potato. But what is of essence right now is that the country needs liberal ideas to move in the right direction While opening up the economy may sound quite interesting to the ear, rolling out extended trading hours through pilot programmes without...

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