Prominent South African mining company in hot water with the JSE

The Johannesburg Stock Exchange’s (JSE) public censure against Mantengu will now be enforced following months of back-and-forth.

This censure comes after Mantengu failed to disclose timeously that price-sensitive information related to a potential acquisition had been breached.

The dispute dates back to May 2023, when Mantengu made a binding offer to acquire 100% of the shares in Blue Ridge Platinum, a subsidiary of a blue-chip mining company.

In June 2023, Mantengu became aware that the confidentiality of this information, which is considered price-sensitive, had been breached.

Per the JSE’s Listings Requirements, companies must publish a cautionary statement as soon as they become aware of such a breach.

However, Mantengu failed to do so, which the JSE discovered during an investigation conducted earlier in 2026.

Following this investigation, in March 2026, the JSE decided to issue a public censure against Mantengu for failing to disclose the breach immediately.

A month later, in April 2026, Mantengu applied to the Financial Services Tribunal for a reconsideration of the JSE’s decision.

It also applied to suspend the JSE’s decision pending the outcome of the reconsideration.

The Financial Services Tribunal dismissed Mantengu’s application to suspend the JSE’s decision in May 2026.

On Monday, 21 September, the JSE confirmed that the tribunal has now also dismissed Mantengu’s reconsideration application.

In doing so, the Financial Services Tribunal has affirmed the validity of the JSE’s public censure against Mantengu, making it enforceable.

A public censure is a formal reprimand issued by the JSE that is announced to the entire market.

It is not a fine or a trading suspension, but it remains one of the harsher punishments the JSE can impose on a listed entity.

This public censure comes a few months after Mantengu was hit with a R100,000 fine and another public censure by the JSE.

In May 2026, the JSE imposed this public censure and fine on Mantengu for posting announcements that claimed, without evidence, that its share price was being manipulated.

These claims have been investigated and dismissed by the relevant authorities.

It should be noted that Mantengu’s R100,000 fine is wholly suspended for three years, on the condition that it is not found to be in breach of similar JSE rules over that period.