Salgaocar, a mining company in Swaziland half-owned by King Mswati III, has suspended operations, owing creditors approximately E42 million (US$4.2 million).
An application has been filed in the Swazi High Court to place the company under provisional judicial management. It is reported that 700 jobs could be lost.
Salgaocar Swaziland began operations in October 2011 in controversial circumstances.
Salgaocar, an Indian-based global conglomerate, was granted a licence to mine iron ore at Ngwenya in Swaziland, within a protected area inside the Malolotja Game Reserve, despite fears that its work would pollute the water supply of many rural people and also the population of Mbabane, the kingdom's capital.
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