Africa-Press – Eswatini. For the first time in history, Maloma mine has issued dividends to government to the tune of E25 million.
This was disclosed by the Minister of Commerce Industry and Trade, Manqoba Khumalo yesterday. The minister said this when touring a E19 million filling station project that is being set up by Linac Investments in Kwaluseni.
The minister said such investments yielded fruits not only for Emaswati but also for government. He said Maloma Colliery had since issued dividends to government last week to the tune of E25 million.
“We were not getting this, we were always told that there were losses, but now they have improved the infrastructure because now there are Emaswati who are taking care of other Emaswati,” the minister stated.
He added that the welfare of the workers at Maloma was of top priority. Linac Investments Managing Director, Lincoln Motsa, in response to the minister’s remarks said they have seen several licenses issued to various companies and organizations for the mining of minerals in the country.
“Such initiatives by government give us hope as Emaswati and the entire business community. These initiatives will help curb the high rate of unemployment in the country and will boost our revenue collections to assist government on service delivery to the entire nation,” Motsa stated.
Earlier this year, Maloma Colliery indicated that it has recorded a net profit of E62.3 million after tax. This was disclosed by the Executive Chairman, Michelo Shakantu, in a statement on Maloma Colliery milestone.
Shakantu said despite the substantial worsening of market conditions, they had been able to bring in new business ideas based on an outstanding vision that had steered the mine into new dimensions for the period between December 2020 and June 2022.
“Based on the excellent performance recorded in the 18 months of operations, Maloma Colliery is on the right track to becoming a world-class mine as it displays exceptional standards that are aligned with the Kingdom of Eswatini’s economic transformation goals, as well as improving communities,” he said.
The executive chairman said they had made great strides and achieved more than they had anticipated.
“Since we started, until now, we have achieved a significant turnover, which has increased by 103 per cent, with an increase of 364 per cent in profits. The net profit after tax stands at E62 323 million, which is a huge milestone when compared to previous years,” Shakantu stated.
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