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Inyatsi Group’s Maloma Colliery Mine targeting to generate R3billion turnover, over R350million paid to Government in taxes.

Sunday, 21st April, 2024

MBABANE:Maloma Colliery,a mining company under Inyatsi Group is targeting to generate about R3billion turnover and this,is according to some documents obtained by this Swaziland News.

It has been disclosed that,the Mining Company generated a turnover of about R348million in March 2021 and in June 2022,the turnover accumulated to R1.5billion,after some improvements and additional investments in the project,the company is now seeking to generate R3billion.

The documents suggest that,the over R348million paid to Government as taxes was for two(2) financial years,2021 and 2022.

Efforts to seek a comment from Inyatsi Group Director Michello Shakantu proved unsuccessful at the time of compiling this report. 

On another note,the documents suggests that,the Mining Company created over one thousand(1000) direct jobs.

Eswatini, a tiny Kingdom situated in Southern Africa, has about 70% of the population living below the poverty line and a high unemployment rate.

Reached for comments on Sunday evening,Wander Mkhonza,the Secretary General(SG) of the Amalgamated Trade Union of Swaziland(ATUSWA) said,in as much as they appreciate the financial improvement of the company which came as a result of additional investment and hardwork even by the employees, they are engaging the employer for salary increment.

“We are encouraged by the news that Maloma want to have 3 billion turnover in 2024 because that demonstrate that workers are able to perform their functions.We must also recognise the improvements that the mine has done in and around the mine which has drastically improved working conditions at the company.However,we have already informed the Management that,the physical improvement in the Mine should match the financial improvement of each and every individual worker,and it is for that reason that we are engaged in wage/salary review so that we have balance and/or equity amongst those that are employed by the business.The company,working with all stakeholders,including all workers must find a way to close the gap in salaries and benefits”,said the ATUSWA Secretary General(SG) when responding to this publication.

King Mswati when touring the Mine recently, called for steel production in the country after a discovery suggesting that, eSwatini has become one of the world’s top producers of quality coal,the King further thanked the workers for their hard work. 

“With the quality coal we have, we need to find ways to explore steel production in the country to enhance economic growth”, said the King.

When touring the Mine,Mswati was accompanied by Maloma Mine Chairman Michello Shankantu among others,who was explaining the operations to the King.

Inyatsi Group’s Maloma Colliery Mine targeting to generate R3billion turnover, over R350million paid to Government in taxes.
Inyatsi Group Chairman Michello Shakantu and King Mswati.