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
Parents should be more proactive in children’s lives

Parents need to pay particular attention to their children to ensure they grow up in a healthy environment that supports their development and mental health. Healthy attachments between parents and children foster strong bonds, creating a solid foundation for future leaders.In many African cultures, there is a common perception that parents should use a stick to discipline naughty children. While disciplining children is important, it is equally...

Have a Story? Send Us a tip
arrow up