By Eswatini Daily News Reporter
Maloma Coillery has continued its upward trajectory since it was taken over by Inyatsi Group Holdings.
The mine has posted a record dividend of E200 million for the financial year 2022/23 which was double from the previous year.
Inyatsi Group Holdings Executive Chairman, Michelo Shakantu has attributed the stellar performance to an increase in production and the ramping up of what the mine exports.
“The dividend is off the back of strong performance which saw production and sales to export markets increase in the 12 months,” the Chairman said.
Shakantu added that with the performance of the past two years, Maloma Colliery is on the right track to becoming a world-class mine as it displays exceptional standards that are aligned with the Kingdom of Eswatini’s economic transformation goals, as well as improving communities.
Earlier this month, the mine showered its workers with bonuses for the role they played in achieving the financial targets and exceeding them. That strong performance also allows the mine to plough back into the community through various initiatives, something the Chairman said was set to continue.
“Maloma Colliery continues to make significant investments in the community and another way we are contributing to the upliftment of the community is through job creation. We have seen over 200 additional jobs created,” the Chairman said.
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In terms of community upliftment, the mine has collaborated with various organisations to make a positive impact. The mine has collaborated with the Ministry of Public Works and Transport to rehabilitate a road in Khwezi Hill, which had been problematic to both the communities and the mine during rainy.
Vehicles would get stuck while others had to navigate slippery conditions which put their lives at risk just to be able to move around. This was done through the mine’s Corporate Social Investment (CSI) programme.
The CSI programme has five pillars which are infrastructure, health, education, water and sanitation and Small Macro Medium Enterprise (SMME).
The dividends are not only going towards the shareholders but they will be used for further expansion. So far, E500 million has been invested since the current shareholders took over.
Inyatsi Group CEO – Investments, Paul Lwiindi said they will be continuing with the expansion of the mine.
“We have so far rehabilitated Shaft 1 and it is now operational. We also have more projects we are undertaking at the mine which will be communicated in due course which are in line with our vision of being Africa’s Leading Integrated Business Partner,” said Lwiindi.
The mine is also aiming for another bumper year and the leadership of Inyatsi Group Holdings has entrusted the reigns of delivering on that mandate to Jabu Shabangu as the new Chief Executive Officer. Shabangu becomes the first woman CEO since the mine’s inception.
Shabangu comes with extensive experience in the financial sector and managing billions.
Lwiindi said they have faith in Shabangu’s abilities and they know she will be able to take the mine to the next level.