Eskom’s new black-owned supplier, Seriti Resources, has finalised a R2.3bn cash purchase of three collieries from Anglo American and is keen to get its hands on the Guptas’ embattled Optimum mine. Mike Teke, Seriti’s CEO, was the head of JSE-listed Optimum before it was bought by Glencore. Knowing the colliery well, he said Seriti would be very interested if it came up for sale. "I never wanted Optimum to be sold. I know it very well. I’ve not spoken to the board yet about Optimum but it’s something we can explore. If I presented it to them a plan will have to come up," he said. Having access to Optimum, a mine owned by the Guptas’ Tegeta Resources, which has placed the mine in business rescue, would give Seriti export thermal coal. This would be desirable if Seriti wanted to list, adding to the steady revenue stream from cost-plus supply contracts with Eskom. Teke said he and another partner in Seriti were exploring vast coal deposits in the Waterberg and were in talks with the com...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.