“Despite a welcomed recent increase in productivity, previous underperformance by Magdalena underground, the company’s largest business unit, the depletion of the Magdalena open-cast reserve, which reached the end of its life in March, the continued reduction in export coal prices, as well as ongoing frequent and unpredictable load shedding by Eskom, have impacted the company’s current and forecast financial position,” officials said.

The dual-listed miner is also now under a delisting review by the Toronto Stock Exchange (TSX). Buffalo now has until September 18 to come into compliance with all listing requirements or may face delisting within 30 days post-deadline.