Glencore Plc is considering a bid for the Optimum coal operations in SA, which it sold in 2015 to a company part-owned by the Gupta family, according to two people familiar with the matter. Optimum supplies fuel to Eskom and became a lightning rod issue for critics of the Gupta family members and their friendship with former president Jacob Zuma. Glencore placed the mine in bankruptcy protection in 2015 after Eskom refused to renegotiate an unprofitable supply contract and issued penalties. The asset was then sold to a company owned by the Guptas and Zuma’s son Duduzane, with support from then mineral resources minister Mosebenzi Zwane, who traveled to Switzerland to meet with Glencore CEO Ivan Glasenberg and was later criticised by the Public Protector. The Guptas, Zuma and Zwane all deny any wrongdoing. Glencore is interested in re-acquiring the mine and the government has indicated it wouldn’t oppose the deal, said one of the people, who asked not to be named because the informat...
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.