Salungano contractor withdraws liquidation bid for Wescoal and will back business rescue

Eskom supplier Salungano Group, whose shares were suspended from trading on the JSE this week owing to late financials, has reached an out-of-court settlement with a mining contractor that had sought to liquidate its major subsidiary, Wescoal Mining.

Instead, IPP Mining and Minerals have agreed to support Salungano's application to place the subsidiary into business rescue. The date of the hearing has been set down for October 2023, according to the attorneys representing the mining contractor. Wescoal Mining comprises the mining operations at the Khanyisa and Elandspruit mines in Mpumalanga. These, together with the Moabsvelden Mine and Vanggatfontein and Arnot mines, are some of the smaller coal suppliers to some of Eskom's power stations - and mining contributed 82% of Salungano's revenue and 98% of its core profit in 2022. Eskom accounted for 77% of its revenue.Get 14 days free to read all our investigative and in-depth journalism.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

South Africa's Eskom says transmission company to be operational by 2025South Africa's state power utility Eskom said in a presentation on Thursday that its transmission company will be operational by the first quarter of fiscal year 2025.
Herkunft: ReutersAfrica - 🏆 31. / 53 Weiterlesen »

Eskom says transmission company to be operational by 2025South Africa's state power utility Eskom said in a presentation on Thursday that its transmission company will be operational by the first quarter of fiscal year 2025.
Herkunft: SABCNews - 🏆 37. / 51 Weiterlesen »

Eskom says transmission company to be operational by 2025Eskom has implemented its worst-ever load shedding this year, largely due to breakdowns in its ageing coal-fired power plants.
Herkunft: Moneyweb - 🏆 5. / 77 Weiterlesen »