Minergy indefinitely suspends operations at Masama

Tuesday, March 07, 2023 | 2120 Views |

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.

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Minergy indefinitely suspends operations at Masama

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.