Business rescue practitioners may not yet have executed a business plan for Optimum Coal but the race by potential buyers of the Gupta-owned colliery has begun, with its one-time owner, Glencore, joining the list of interested bidders. Glencore, the world's biggest commodity trader and miner, which sold the colliery to Tegeta Resources owned by the Gupta family, in 2015, looks set to bid along with its black empowerment partner Pembani, owned by Phuthuma Nhleko. Optimum "... is aligned with Pembani strategy and has been previously owned by ourselves, therefore we would be open to explore the opportunity", Pembani spokeswoman Charlene Nyembe said. "At this stage Glencore and ourselves have expressed interest to explore this opportunity further." Pembani acquired Shanduka Resources after President Cyril Ramaphosa had sold his business interests, including a stake in Shanduka, upon becoming deputy president in 2014.At the time, Shanduka's coal unit was the black economic empowerment pa...

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.