OAKBAY Resources, the diversified mining company whose major shareholder is the Gupta family, is using its internal resources to develop its underground uranium assets, but could accelerate development by raising capital on the market, chief financial officer Trevor Scott said on Friday.Oakbay’s connections with the Guptas, who are close friends of President Jacob Zuma, resulted in the withdrawal of its domestic banking facilities and the resignations of its auditors and JSE sponsors earlier this year. In August, the family said it was in discussions with international buyers to sell its stakes in its South African businesses.The Guptas have an indirect 64% stake in Oakbay Resources through unlisted Oakbay Investments, which holds 80% and has extended an interest-free loan to the subsidiary. The loan has indefinite duration and is valued at R383.1m.Oakbay Resources has gold, coal and uranium-mining activities. Its shares are illiquid, with only 300 shares changing hands in the past ...
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