The state-owned mining company, African Exploration Mining Finance Corporation (AEMFC), a subsidiary of the Central Energy Fund (CEF), has not yet approached the Treasury for approval for a deal to buy Optimum mine. Mineral resources minister Gwede Mantashe said part of the funds for the acquisition were being sourced from the CEF so that AEMFC can acquire the mine, formerly owned by the Gupta family. In a reply to a parliamentary question from the DA’s James Lorimer, Mantashe said AEMFC, which is part of a consortium to acquire the mine, would be contributing R500m. This money would come from a shareholders loan intended to be sourced from the CEF and subject to necessary Public Finance Management Act approvals being obtained. But the Treasury on Sunday said it had not yet been approached. Optimum, formerly owned by the Gupta mining company Tegeta, has been in business rescue for more than a year without any resolution, which has put the mine and employees, who have not been paid s...
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