Liquidity challenges: Mantengu’s Langpan Mine has seen production decline. Photo: Supplied
Deep in the chrome-rich belts of South Africa, the machinery at Mantengu Mining’s Langpan Mine has of late been accompanied by uneasy silence – not from a lack of ore but from the growing anxiety of its workforce that hasn’t been paid January salaries.
Instead of bank deposit notifications, employees were met with notices in an internal memo that their salaries would not be paid on time.
The delay was attributed to the company’s failure to meet production targets.
“Unfortunately, the production figures forecast were not met, meaning we fell short of our targets,” Anton Mecchi, the acting chief executive of Langpan Mining Co, said in a letter addressed to employees.
“As a result, sales revenue was insufficient to cover nearly half of January’s expenses, in addition to outstanding obligations from November and December.”
He added that they had been “working tirelessly to raise the necessary funds,” while acknowledging the late notification, which he said “was not by intention”.
He promised that salaries would be paid by Saturday.
Worried insiders, however, argued that the delays were an indicator of a bigger problem amid earlier revelations that in the second half of 2025, the company spent R108 million in operational costs, remaining with about R5.2 million in its coffers.
At the same time, it was announced that the company moved from a profit-making entity to shedding off R81.8 million.
There were also natural disaster-linked losses according to the firm’s February 2025 year-end results.
In early 2025, flooding in Limpopo meant that production declined, resulting in a loss of R38 million on the revenue line and R30 million on the bottom line.
Low chrome prices didn’t make things easy for the miner.
But to allay workers’ fears, the company said it had access to a R500million equity facility to show that there’s still life in it.
Public comments by chief executive Mike Miller, including allegations accusing the Johannesburg Stock Exchange (JSE) of share manipulation, have contributed to concerns around the company.
On 21 November, the Johannesburg high court ordered Mantengu and Miller to refrain from publishing allegations that the JSE, its directors or staff engaged in misconduct related to the company’s share trading.
Miller did not respond to enquiries from the Mail and Guardian but sources revealed that investors want to know about outstanding obligations from last year.