Mike Teke banks on base commodities to win Seriti a place at mining top table
Seriti Resources, led by Mike Teke, hopes to become a successful addition to South Africa's ranks of black diversified mining houses by building a diversified bulk and base commodities business.The miner, which would like to play a bigger role in the energy space, already supplies about 24% of Eskom's coal - second only to Exxaro. Given South Africa's depleted gold mines and the weak platinum price, which has been a drag on platinum miners for the past five years, Teke does not see precious metals as part of Seriti's business's strategy. The focus is rather on bulk and base commodities. "For me to move from coal to look at gold and platinum, I might experience some challenges, and to mix precious metals and bulks you need a different set of skills and we don't want to find ourselves there," Teke said. Looking up to black mining veterans such as Sipho Nkosi, who founded and led Exxaro for 10 years before retirement, and mining billionaire and African Rainbow Minerals founder P...
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.