Six mini-pit contractors operating the Optimum Coal Mine (OCM), in Mpumalanga, are faced with having to potentially collectively retrench as many as 2 000 workers before Christmas, owing to the ...
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Catalog; For You; Daily Maverick. Deal for Guptas' Optimum Coal gets approval from regulator - By Jessica Bezuidenhout . The Competition Commission has given the go-ahead for a merger that takes a R1.3-billion debt-to-equity deal for the Gupta-owned Optimum Coal Mine one step closer to conclusion.
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It will also settle two forfeiture applications, one involving Optimum Coal Mine and Optimum Coal Terminal, and another in respect of a R1.3-billion creditor claim that allowed Liberty to acquire ...
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Glencore International plc ("Glencore") today announces its expression of interest in acquiring a controlling interest in Optimum Coal Holdings Limited ("Optimum", JSE:OPT), one of the largest producers of thermal coal in South Africa, through a consortium with its local Black Economic Empowerment partner, prominent South African businessman Cyril Ramaphosa.
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station. In addition, Optimum wholly owns Optimum Coal Terminal (Pty) Ltd ("Optimum Coal Terminal") which in turn owns 8.68% of the issued share capital of Richards Bay Coal Terminal Company Limited ("RBCT Company"). There is an agreement between Optimum Coal Terminal and Optimum Coal Mine in terms whereof Optimum Coal Mine is entitled ...
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The high court in Pretoria on Wednesday said the National Director of Public Prosecutions had established, at first glance, a case that the Optimum Coal Mine properties bought by a Gupta-owned ...
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Optimum Coal Mine To Begin Exports Through RBCT Once Rail Agreement Is Finalised; 28 March 2024. Read Time: 1 min. Regions. SADC. South Africa. Topics. Pit-to-Port. Optimum Coal Mine To Begin Exports Through RBCT Once Rail Agreement Is Finalised. This content is for Premium Subscribers only.
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The National Prosecution Authority (NPA) has approached the courts to seek permission to sell the Optimum Coal Mine, which is valued at R3.4bn.
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The first acquisition was quickly followed by a second in 2009, another BHP Billiton operation, Koornfontein Mines, also located in the Witbank coalfields just 25 km from Optimum Collieries. Today, Optimum Coal employs around 2,200 full time employees and some 1,000 contractors across all its operational and development sites, and predicts an ...
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The Pretoria High Court has frozen the assets of the Optimum Coal Mine. They were on the verge of being sold by the business rescue practitioners to Liberty Coal, a company controlled by former ...
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Optimum Mine Adv Rabaji-Rasethaba informed the Committee that in December 2021, the NDPP instituted two related preservation applications in terms of section 38 (1) of the Prevention of Organised Crime Act: the first application sought an order preserving the shares of Tegeta Exploration and Resources (Pty) Ltd in Optimum Coal Mine and the ...
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The Optimum Coal Mine is a surface and underground coal mine caught in the midst of bankruptcy and business rescue proceedings. The mine has been put on care and maintenance on several occasions (including in 2019 and again in 2020).
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JOHANNESBURG, Aug. 24, 2020 /PRNewswire/ -- Templar Capital Ltd ("Templar"), the multi-award-winning international investment firm, is currently the largest independent creditor in Optimum Coal ...
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Six years after being placed in voluntary business rescue, control of the mine will pass to Liberty Coal, controlled by British businessman and former Gupta associate Daniel McGowan.
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OCM's mining assets, including all immovable properties, are as far as possible completed on or before 31 January 2025. Liberty Coal took full operational control of the Optimum Coal Mine from 1 February 2024, together with beneficial occupation and possession of …
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The first preservation order sought by the NDPP is over all of Tegeta's shares in Optimum Coal Mine (Pty) Ltd (OCM), all of Tegeta's shares in Optimum Coal Terminal (Pty) Ltd, and the business ...
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Project Halo will buy Optimum Coal Mine (Pty) Ltd., for a maximum of 2.8 billion rand, Koornfontein Mines (Pty) Ltd. for 200 million rand and Optimum Coal Terminal (Pty) Ltd. for 50 million rand ...
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Optimum Coal Mine – formerly owned by the infamous Gupta brothers – has paid back some R6.9 million in outstanding motor licensing fees and penalties as part of its Acknowledgement of Debt (AoD) signed with the Special Investigating Unit (SIU).
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Liberty Coal had been just days away from taking ownership of the Optimum Coal Mine as part of a debt-to-equity arrangement - wherein it would convert its R1.3 billion claim into equity in the mine – when, on 23 March, the High Court granted the National Prosecuting Authority's Investigative Directorate a preservation order over the Optimum ...
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Find company research, competitor information, contact details & financial data for OPTIMUM COAL MINE (PTY) LTD of PRETORIA, Gauteng. Get the latest business insights from Dun & Bradstreet.
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Liberty Coal (Pty) Ltd (" Liberty Coal ") has recently postponed the launch of its acquisition of the business of Optimum Coal Mine (Pty) Ltd in business rescue (" OCM ") (see letter attached), which letter contains numerous misstatements and allegations concerning Richards Bay Coal Terminal (Pty) Ltd (" RBCT "), which we do not ...
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Optimum Coal | 1,445 followers on LinkedIn. Integrity: Optimum coal values Loyalty and trust while honouring interests and undertakings made to others. ... Arnot Opco Coal Mine Mining Middelburg, Mpumalanga Canyon Coal ... Western Australia Show more ...
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"The NUM calls for Liberty Coal to re-employ all the employees who lost their jobs during the time when Optimum Coal Mine was placed under business rescue," says NUM Highveld regional ...
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The high court in Pretoria on Wednesday said the National Director of Public Prosecutions (NDPP) had established, at first glance, a case that there are reasonable grounds to believe that the...
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BHP Billiton in respect of the Optimum Colliery (the right being notarially executed on 5 June 2008). By the time of the lodging of the appeal referred to below, however, it appears that mining was being conducted by Optimum Coal Mine (Pty) Ltd (the relationship between BHP Billiton and Optimum Coal Mine (Pty) Ltd is not clear).
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Glencore International plc (LON:GLEN), seeking access to the growing coal market in India and China, announced on Thursday an estimated $1 billion plan to acquire Optimum Coal Holdings (JNB:OPT ...
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Company will now take ownership of the mine, one of the biggest mines in SA Liberty Coal has welcomed a ruling by the Pretoria High Court which approved an order for settlement that will allow the Optimum Coal Mine (OCM) to exit business rescue, trade as a going concern, and to begin the process of ...
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The first preservation order sought by the NDPP is over all of Tegeta's shares in Optimum Coal Mine (Pty) Ltd (OCM), all of Tegeta's shares in Optimum Coal Terminal (Pty) Ltd, and the business ...
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This comes after the National Prosecuting Authority (NPA) called for the business rescue process at the mine to be halted. It is reported that the NPA is intending to forfeit the assets of the mine, claiming that they are the proceeds of crime. The Optimum Coal Mine was placed under business rescue in 2018. About 4 500 workers who were ...
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