The Gupta’s struggling Koornfontein coal mine has finally been sold to junior miner Black Royalty Minerals for R300m after the initial preferred bidder failed to produce the funds in time.

In a statement, Black Royalty Minerals said the deal “brings to finality the uncertainty created by closure of the Koornfontein mine, which will bring much-needed economic activity to the surrounding community, the Mpumalanga region, and surrounding businesses”.

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.