Marc Hasenfuss Editor-at-large

Hosken Consolidated Investments (HCI) are patient long-term investors, but I get the sense that its executives are not stubborn and will exit investments when it becomes clear that value-adding efforts are being stymied.

As an HCI shareholder, I have been encouraged by the progress made in its coal mining endeavours — even though, in annual reports, it was clear that these operations are fraught with challenges. Still, I reckoned HCI had built some decent assets, and might even list an enlarged mining group on the JSE. This now looks quite unlikely, given the latest numbers from HCI Coal.

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