MALOMA COLLIERY NOW 100% ESWATINI OWNED

MBABANE – For the first time in 28 years, Maloma Colliery is now 100 per cent Eswatini owned.

This comes after a locally incorporated company known as Mine-X Pty (Ltd) bought out Chancellor House Eswatini, a company that was owned by Chancellor House Holdings based in the Republic of South Africa. Chancellor House Eswatini owned 50 per cent shares in the mining company. The current shareholding is such that Mine-X owns 50 per cent of Maloma Colliery, 25 per cent is held in trust by Tibiyo TakaNgwane and the remaining 25 per cent is held by government through the Ministry of Natural Resources and Energy.

Directors

Wayne Levendale, who spoke on behalf of the directors of Mine-X, confirmed that they had bought out Chancellor House Eswatini, resulting in a change of the shareholding structure.
The transaction was completed last Monday following months of negotiations.Levendale expressed that the directors were ecstatic about the latest events. He said what made the transaction even more exciting was the fact that the mine would now be in the hands of locals, in line with His Majesty King Mswati III’s vision of local empowerment. “Of course the mine has a great potential for further job creation and we certainly look forward to working with the two shareholders who equally have an interest in the development of the mine as they represent the Eswatini nation. The beauty of all this is that we have the same vision and interest,” he explained. He noted that Chancellor House was quite welcoming from the onset when negotiations were still at infancy stages. “What we gathered was that, Chancellor House understood that Eswatini has one functioning coal mining operation, hence they were keen in relinquishing those assets to a local business entity to align with our national vision,” he added.

Opportunities

Levendale further noted that there were many opportunities that could be explored at Maloma. The major one is the fact that Maloma produces high grade anthracite coal that is used for hard metal smelters. The variant found in Eswatini is among the highest quality in the Southern Hemisphere.

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