Junior miner Salungano suspended from the JSE
22 August 2023

Junior miner Salungano suspended from the JSE


Coal mining company Salungano Group announced its biggest subsidiary is facing both business rescue and liquidation today. The troubled company has yet to publish its 2023 annual results for the year to the end of March, which has led to its suspension from the JSE. Salungano lost R37m in 2022 but earned R5bn as the coal price boomed. It lost R36m in 2021 and earned R3.9bn. It lost R137m in 2020. The group said in its 2023 interim results it would start engaging financial institutions over the next six months to “secure long-term funding of between R350m and R450m”. As of 30 Sept 2022, the company’s assets exceeded total liabilities by R732m.



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