Eskom supplier Salungano's cash crunch threatens R2.4bn mine rehabilitation spend

When coal miner and Eskom supplier Salungano Group last week finally published financial results that had been delayed by more than a year, it revealed its net loss had increased 19 times to almost R700 million.

The results also revealed its auditor's concerns that it is falling short in terms of preparing for the rehabilitation of its mines, some of which have reached the end of operating life. Salungano also reported it had a net overdraft of R61 million, from cash and equivalents of R172 million previously, and was technically insolvent.

The above only applies to the year ended in March 2023. The year just ended in March 2024 is a different story altogether. Since then, Salungano has got into even more operational, financial and corporate governance troubles.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.

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