Our opinion on the current state of SALUNGANO(SLG)
Salungano, previously Wescoal, engages in the mining and trading of coal. The company began production in 2021, producing coal from its Moabsvelden mine for Eskom. Today, the company produces 300 million tons from five coal mines. Mining accounts for 82% of revenue, but it owns 50% of the Arnot Mine and is looking to broaden its business into other parts of energy.
In its financials for the six months to 30th September 2023, the company reported revenue down 30% and a headline loss of 90c per share compared with a loss of 19,64c in the previous period. The company's net asset value fell to 37c per share from 178c in the previous period.
The company said, "The Group continued to operate with only one Eskom contract, with the Elandspruit and Vanggatfontein Collieries continuing to supply Eskom through rectification into the Neosho contract."
The company will apply for the lifting of the suspension now that the FY2023 financial results and integrated annual report, as well as the FY2024 interim financial results, have been published, but that has not yet happened.
On 4th July 2023, the company announced that three of its directors had resigned, resulting in a sharp drop in the share's price.
On 21st August 2023, trading was suspended in Salungano shares by the JSE. It appears from a quarterly update that the 2024 financials are now only expected to be published by 30th June 2025—so the share remains suspended.
In its financials for the six months to 30th September 2023, the company reported revenue down 30% and a headline loss of 90c per share compared with a loss of 19,64c in the previous period. The company's net asset value fell to 37c per share from 178c in the previous period.
The company said, "The Group continued to operate with only one Eskom contract, with the Elandspruit and Vanggatfontein Collieries continuing to supply Eskom through rectification into the Neosho contract."
The company will apply for the lifting of the suspension now that the FY2023 financial results and integrated annual report, as well as the FY2024 interim financial results, have been published, but that has not yet happened.
On 4th July 2023, the company announced that three of its directors had resigned, resulting in a sharp drop in the share's price.
On 21st August 2023, trading was suspended in Salungano shares by the JSE. It appears from a quarterly update that the 2024 financials are now only expected to be published by 30th June 2025—so the share remains suspended.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.