{"id":35629,"date":"2023-10-02T07:12:26","date_gmt":"2023-10-02T07:12:26","guid":{"rendered":"https:\/\/www.africa-press.net\/botswana\/?p=35629"},"modified":"2023-10-02T06:53:26","modified_gmt":"2023-10-02T06:53:26","slug":"minergys-profits-up-21","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21","title":{"rendered":"Minergy\u2019s profits up 21%"},"content":{"rendered":"

Africa-Press – Botswana. <\/strong><\/span>Minergy, the junior coal miner exulted its first half of the year sales results that were buoyed by fears of energy crisis across western Europe in the wake of Russia- Ukraine war and the northern hemisphere winter period. Total revenue in its full year results released on Thursday to June 30, 2023 increased by 21 percent to P 512 million, and pure coal sales remained steady at P298 million like -on -like.<\/b><\/p>\n

\u201cThe year under review has been indeed one of changing fortunes. During the first half of the year, Minergy operated, as reported, within unprecedented booming sales environment, which supported full production, with the Group achieving new sales and production records,\u201d the company said on Thursday.<\/p>\n

The colliery realised first operating profits and EBITDA thanks to the good market conditions during the first half, but, the bottom fell out in second half of the year, which it blamed it on sudden crash in the international coal prices and the unexpected cancellation of the contract by the contractor at the beginning of March 2023.<\/p>\n

\u201c Sales volumes dropped from monthly average of about 67,000 tonnes per month in the first half to about 40,000 tonnes per month in the second half,\u201d the company said.<\/p>\n

An analyst at Imara Capital , Mogorosi Badisang said Minergy woes are also compounded by its balance-sheet and over supply of coal in the market. \u201cThe major problem is debt on their book and they have been trying to consolidate their balance-sheet,\u201d he said.<\/p>\n

However, Minergy Chief Executive Officer, Matthews Bagopi shrugged-off all concerns about the future of the mine on Friday when talking to Online service.<\/p>\n

\u201cThe focus of the business is to finalise the appointment of the mining contractor, resume production and re-establish market relations that have been affected by the stoppage in March this year,\u201d he said.<\/p>\n

\u201cEven though people believe that global coal markets prices have crashed, with reference the unprecedented performance since 2022, coal as a bulk commodity is still doing well compared to its long term historic performance. This long -terms performance would be around USD85(per ton) on the API4 index \u2014 established by Argus, McCloskey and South African Coal Report compared to the USD 120-130 we are currently experiencing,\u201d he said, adding \u201cthe USD 400 per tonnes that existed during the boom was just a windfall\u201d.<\/p>\n

The colliery is targeting supplying industrial , cement , steel and seaborne coal for exports. For seaborne its was using Walvis Bay and Maputo seaports . It is also envisaging to have a grip on the South African market that was disrupted by the contractor\u2019s stoppage.<\/p>\n

The miner is operating at the rich Masama coal fields within a an area of 671 kilometers squared. The area has coal reserves at the tune of 376 million tonnes\u2013 that is expected to last for 100 years\u2013 of which 80 million tonnes will be extracted using the opencast mining method.<\/p>\n

With that it has an export capacity of 750,000 tonnes per month \u201c under a blue-sky\u201d.<\/p>\n

Source: Sunday Standard<\/b><\/p>\n

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

Africa-Press – Botswana. Minergy, the junior coal miner exulted its first half of the year sales results that were buoyed by fears of energy crisis across western Europe in the wake of Russia- Ukraine war and the northern hemisphere winter period. Total revenue in its full year results released on Thursday to June 30, 2023 […]<\/p>\n","protected":false},"author":84,"featured_media":35628,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,6],"tags":[233,237,234],"class_list":["post-35629","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-files","tag-africa-press","tag-africa-press-botswana","tag-botswana"],"yoast_head":"\nMinergy\u2019s profits up 21% - Botswana<\/title>\n<meta name=\"description\" content=\"Minergy, the junior coal miner exulted its first half of the year sales results that were buoyed by fears of energy c ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Minergy\u2019s profits up 21%\" \/>\n<meta property=\"og:description\" content=\"Minergy, the junior coal miner exulted its first half of the year sales results that were buoyed by fears of energy c ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\" \/>\n<meta property=\"og:site_name\" content=\"Botswana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2023-10-02T07:12:26+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/10\/sm_1696215638.699682.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1620\" \/>\n\t<meta property=\"og:image:height\" content=\"1080\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Minergy\u2019s profits up 21%\",\"datePublished\":\"2023-10-02T07:12:26+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\"},\"wordCount\":500,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/botswana\/sites\/38\/2023\/10\/sm_1696215638.699682.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Botswana\",\"Botswana\"],\"articleSection\":[\"all news\",\"files\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\",\"url\":\"https:\/\/www.africa-press.net\/botswana\/all-news\/minergys-profits-up-21\",\"name\":\"Minergy\u2019s profits up 21% - 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