Richards Bay chief throws light on Vitol bid to buy Gupta coal interests
RICHARDS Bay Coal Terminal, Africa’s biggest export facility, says the Vitol group’s proposed purchase of a stake in export rights from a company controlled by the Gupta family, will be subject to standard procedure."The RBCT board is following due process with regard to this matter," said CEO Alan Waller.The proposed transaction to buy the stake from Tegeta Exploration & Resources could give Geneva-based Vitol rights to ship about 8-million tonnes of coal a year from SA. Gupta-owned Oakbay Investments has a 29% stake in Tegeta.While Oakbay and Vitol will not say if a transaction is being discussed, the Gupta family said last month it would sell its South African business interests.Some shareholders, who have an automatic right to ship at the terminal, are reluctant to allow a non-mining company a stake in the facility, and would need to waive their rights to buy the stake themselves, said three insiders.Shareholders in the terminal include Anglo American, Glencore and South32.Bloom...
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