{"id":14428,"date":"2022-09-20T13:36:05","date_gmt":"2022-09-20T13:36:05","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-minergy-forecasts-maiden-profit-as-coal-price-gain-opens-up-exports"},"modified":"2022-09-20T15:33:15","modified_gmt":"2022-09-20T15:33:15","slug":"botswanas-minergy-forecasts-maiden-profit-as-coal-price-gain-opens-up-exports","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/botswanas-minergy-forecasts-maiden-profit-as-coal-price-gain-opens-up-exports","title":{"rendered":"Botswana\u2019s Minergy forecasts maiden profit as coal price gain opens up exports"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Botswana thermal coal producer Minergy is looking to a maiden operating profit in the current financial year as offshore markets previously closed to it become viable.<\/b><\/p>\n

\u201cOverall, the outlook for the coming year is positive and is forecast to be operationally profitable as demonstrated in quarter four, which would be the first year for such an achievement after challenging start up years,\u201d said Morn\u00e9 du Plessis, CEO of Minergy.<\/p>\n

Minergy, which operates the Masama mine, announced a deepening in the year-on-year net loss after tax of P132m (P107m) ended-June. This was owing to constrained offtake related to an over-supplied domestic market regionally as exporters sought to offset limited freight capacity by selling to local buyers.<\/p>\n

Unseasonal rains in April also impacted offtake. Minergy responded to these twin forces by limiting production in order to avoid unnecessary costs and the risk of spontanous combustion of stockpiles.<\/p>\n

The operating loss was also a function of cost inflation of consumables. \u201cDiesel and explosives increased by 127% and 57% respectively which was exacerbated by double-digit inflation in Botswana,\u201d said Du Plessis.<\/p>\n

He added, however that \u201cthe recovery recorded in the fourth quarter is setting the tone for profitability for FY23\u201d on the back of a 150% year-on-year coal pricing lift.<\/p>\n

The catalyst for the improvement in thermal coal prices was Russia\u2019s invasion of Ukraine. \u201cThis led to extraordinary demand facilitating access to previously uncompetitive and uneconomical exports into the seaborne market during the fourth quarter,\u201d said Du Plessis.<\/p>\n

Minergy subsequently ramped up production to meet the increased demand with Masama finally bursting through its one million tons a year run of mine target.<\/p>\n

Du Plessis said the company was considering further expansion of the Masama plant. \u201cOpportunities to exceed production capacity and the resultant additional saleable production are being pursued,\u201d said Du Plessis.<\/p>\n

For More News And Analysis About Botswana<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Botswana. Botswana thermal coal producer Minergy is looking to a maiden operating profit in the current financial year as offshore markets previously closed to it become viable. \u201cOverall, the outlook for the coming year is positive and is forecast to be operationally profitable as demonstrated in quarter four, which would be the first […]<\/p>\n","protected":false},"author":84,"featured_media":14427,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,8,16],"tags":[233,237,234],"class_list":["post-14428","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-homepage-english","category-twitter","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nBotswana\u2019s Minergy forecasts maiden profit as coal price gain opens up exports - Botswana<\/title>\n<meta name=\"description\" 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