SALGAOCAR OWES CREDITORS E793M

MBABANE – The mining company formerly known as Salgaocar Swaziland (now SG Iron Ore Mining), owes local and international creditors a staggering E793 million.

The list of creditors, mostly service providers totalling 106, range from accommodation, security, financial institutions and heavy plant and machinery companies. 

A document in this newspaper’s possession details the list of creditors and how much they were owed as at September 13, 2014. For instance, at that time, it indicates that AG Thomas (trucking services) was owed no less than E2.3 million, Swaziland Electricity Company (SEC) no less than E3.5m, Gundane & Sons (labour brokers) E493 287.06, Galp Swaziland E1.5m and First National Bank (FNB) E5m. A creditor titled ‘Royalties’ was owed E523 455.45, MTN Swaziland E28 839.33, Phinduvuke (trucking) E1.4m, Chrisilda Transport (trucking) E5.4m and Atlas Motors E244 746.14. 

Salgaocar Swaziland (SG Iron Ore Mining) shareholders included the Swaziland Government and Southern Africa Resources Limited (SARL), which had 50 per cent shares. Company operations were centred at Ngwenya Mine since 2010. However, the company was placed under Judicial Management by order of the High Court on October 10, 2014. It had stopped operating in the previous month, partly due to a serious drop in the international prices of iron ore and boardroom disagreements.

It was put under liquidation at the end of January 2015.
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