Coal optimist Quinton van der Burgh on why he bought into Richards Bay terminal
COAL entrepreneur and reality TV producer and star Quinton van der Burgh has partnered with one of the world’s biggest commodity traders to buy a stake in the continent’s largest terminal for the fuel.Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined with Vitol SA to buy a 7.6% stake in Richards Bay Coal Terminal on the north coast.They have the right to ship about 7-million metric tonnes of the fuel annually, strengthening Vitol’s position in the coal trade in a country that’s a key supplier to Asia.The two bought the holding from a company part-owned by the Gupta family, who are friends with President Jacob Zuma.Critics accuse the leader of allowing the family to use their connections for financial gain, which he and the Guptas deny.While SA is Africa’s biggest coal producer, its export capacity is constrained by limited port infrastructure. Only shareholders, which include London-listed Anglo American, have an automatic right to ship through the terminal."Eve...
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