Optimum rescuers in talks with a major creditor
Owned by the Guptas, the now idle mine will need a lot of funding to ramp it up, and Covid-19 hasn’t helped an already sluggish market
23 June 2020 - 14:41
Addressing the parliamentary portfolio committee on mineral resources and energy on Tuesday, lawyer for Optimum’s business rescue practitioners, Bouwer van Niekerk, said that while there are three bids on the table, the difficulty arises around funding the ramp-up of the mine.
“Optimum is a big mine. It requires a lot of money to ramp up. In the current market there are very limited players who have the capital to acquire an asset of this size, especially if you need to ramp it up,” he said. “Covid-19 has made it more problematic.”..
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.