Gupta’s Koornfontein coal mine sells for R300m
Black Royalty Minerals has produced the required funds — but the initial preferred bidder, Lurco, plans to take the matter to court
01 November 2019 - 12:49
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”...
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.