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

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

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.

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