Coal companies in legal and public dispute after Mantengu CEO resignation

Liberty Coal and Mantengu Minerals Limited have escalated a public and legal dispute following the resignation of Mantengu’s former CEO, Mike Miller. The conflict involves court proceedings, regulator findings and competing claims about share‑price conduct and reputational harm.

Liberty seeks damages after media allegations

Liberty Coal, previously known as Optimum Coal, has launched a claim in the Gauteng High Court, Pretoria, seeking over R250 million in reputational damages. Liberty says the damages arise from allegations made by Mantengu Mining and Mike Miller across media platforms that it argues caused irreparable harm to the company’s image.

Dispute centres on share-price and takeover claims

Mantengu has claimed that its share price was deliberately driven down by external syndicates to block its proposed acquisition of Blue Ridge Platinum. Liberty has denied involvement, pointing to a statement from the Financial Sector Conduct Authority (FSCA) that found “no evidence of share-price manipulation” in relation to Mantengu’s shares.

JSE censure criticised Mantengu’s announcements

The Johannesburg Stock Exchange issued a Public Censure dated 27 May 2026 that concluded Mantengu breached several General Principles and Listings Requirements in respect of announcements concerning Liberty Coal. The JSE described those disclosures as “speculative, unverified and unsupported”, a finding Liberty cites in support of its defamation claim.

Legal proceedings and Anton Piller application

Mantengu’s newly appointed CEO, Magen Naidoo, said the situation has been aggravated by Liberty Coal’s involvement in Anton Piller proceedings against Mantengu’s former CFO, Ulrich Bester. Mantengu says that, in court proceedings initiated in June 2024, property belonging to Liberty Coal was seized.

A court ordered the return of all information related to Liberty Coal, but that order is currently under appeal, leaving the matter unresolved in the courts.

Firm statements from Mantengu’s leadership

“Firstly, the notion that Mantengu’s business is ruined is a delusional fantasy. Mantengu continues to attract the interest of blue‑chip international stakeholders, ones that are interested in buying a stake in its business and others who are interested in buying its products.”

“Mantengu will not be distracted by such noise in the service of its shareholders and other stakeholders. Shareholders and the investing public should be wary of making investment decisions based on Liberty Coal’s press statements, both in terms of Liberty Coal’s ability to interpret the financial information of a business that they are not involved in running or their naturally one-sided view of the outcomes of ongoing legal actions.”

Where the dispute stands

The companies remain in competing legal and public positions: Liberty Coal pursuing reputational damages in the Gauteng High Court and relying on the FSCA finding and the JSE censure; Mantengu defending its disclosures and pointing to ongoing court processes related to the Anton Piller application and seized property. Several elements of the conflict are subject to appeals and ongoing litigation.

Implications for investors and stakeholders

The dispute highlights regulatory scrutiny and legal risk around corporate disclosures and aggressive litigation tactics in the mining sector. Both regulator findings and court orders feature in the companies’ claims and defences, and the matters are being contested in public statements and in the courts.