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Retrenched Gupta mine employees fail to receive pay

By: Martin Creamer     22nd December 2017 Forty-four people retrenched from the Shiva Uranium Mine in North West belonging to the Gupta company Oakbay have failed to receive expected December pay that formed part of an agreed retrenchment package, Democratic Alliance (DA) councillor Maritha Coetzee told Mining Weekly Online on Friday.... 

IDC sues Gupta-linked firms to recover debt

By: Bloomberg     13th December 2017 South Africa’s Industrial Development Corporation (IDC) is suing four companies linked to the politically connected Gupta family after they failed to repay a loan that the state-owned development financier canceled because it suspected illegal activity. The Guptas’ Oakbay Resources and Energy,... 

Guptas inflated Oakbay price through trading by Singapore firm

By: Bloomberg     2nd November 2017 The Gupta family inflated the share price of a company it controlled on its Johannesburg Stock Exchange debut by lending money to a Singapore firm to be used to trade the equities. That came ahead of plans to raise funds for a uranium mine. The Guptas, who are embroiled in a corruption scandal... 

Auditing firm cuts ties with Gupta’s Oakbay

By: Sane Dhlamini     27th September 2017 The board of auditing firm Sizwe Ntsaluba Gobodo (SNG) has resigned as auditors of Gupta-owned Oakbay Resources and Energy Limited and its related entities. The auditing firm’s statement stipulates that this decision was made after a thorough assessment of its relationship with the company which... 

Vitol drops plan to buy Gupta stake in RBCT

By: Bloomberg     18th July 2017 Vitol Group, the world’s largest independent oil trader, walked away from a deal to buy a stake in the Richards Bay Coal Terminal from a company controlled by South Africa’s Gupta family. “The consortium comprising Vitol and Burgh Group Holdings will not be proceeding with the acquisition,” the... 

Oakbay faces possible JSE suspension

By: Megan van Wyngaardt     22nd June 2017 Gupta-owned investment holding company Oakbay Resources and Energy is facing a possible suspension in the trading of its shares on the JSE, owing to the resignation of an independent nonexecutive director and audit committee chairperson, as well as the resignation of its sponsor and transfer... 

Gupta-owned Oakbay Resources loses JSE sponsor over associated risk

By: African News Agency      5th June 2017 Oakbay Resources and Energy, which is owned by the controversial Gupta family, on Monday lost its JSE sponsor, River Group, after being given notice of the termination of their appointment as sponsor. River Group is a JSE sponsor, designated adviser and international corporate finance boutique... 

Oakbay Resources' CEO resigns 

By: African News Agency      15th March 2017 Oakbay Resources and Energy, which is owned by the controversial Gupta family, announced on Wednesday that its CEO Jacques Roux had resigned with effect from the end of this month. Roux took over from Varun Gupta in May last year. 

Legislative uncertainty, tougher regulations plague Africa’s mining sector

By: Ilan Solomons     25th November 2016 Mine developers and the providers of capital are facing a “regulatory tsunami” imposed by traditional investee countries in Africa, combined with frequently uncertain internal regulatory regimes, says banking group Nedbank Capital mining and metals head Paul Miller. Miller remarks that with the... 

NUM denies reports of Gupta capture, admits receiving money

By: African News Agency      18th November 2016 The National Union of Mineworkers (NUM) on Friday vehemently denied allegations that it had been captured by the controversial Gupta family, and took strong exception to a journalist who interviewed one of its officials about the claim. This comes after 24-hour TV news channel eNCA ran an... 

Eskom board member with Gupta links and named in probe resigns

By: Bloomberg     16th November 2016 Mark Pamensky, who is a director of a company owned by South Africa’s Gupta family that has ties with President Jacob Zuma’s son, resigned as a board member at state-owned Eskom Holdings, less than a week after the utility’s chief executive officer’s quit. Recommendations will be made to the... 

Guptas list why Gordhan's application is fundamentally flawed

By: News24Wire      18th October 2016 The Guptas said Finance Minister Pravin Gordhan’s court application is fundamentally flawed and will assist them in clearing their name, their lawyer said in a statement on Tuesday. “We are delighted to have received this application,” the Guptas’ lawyer Van Der Merwe Associates said on behalf of... 

Oakbay notes involvement in 5 of 72 ‘dodgy’ transactions

By: African News Agency      17th October 2016 In an apparent attempt to reassure shareholders, Oakbay Resources and Energy released a statement on Monday distancing itself from all but five of 72 so-called “dodgy” transactions involving its owners, the controversial Gupta family. The statement released via the JSE’s news service was in... 

Oakbay backs judicial inquiry into banks 

By: News24Wire      8th September 2016 A judicial commission of inquiry into banks is the best way to shed light on the reasoning behind their decision to close off accounts with Oakbay Investments, said Chief Executive, Nazeem Howa. In a teleconference with the press, Howa expressed disappointment in the four major banks' decision to... 

Shares in Guptas' Oakbay Resources recover after 10% dive

By: News24Wire      29th August 2016 Shares in Oakbay Resources & Energy fell more than 10% on Monday after the Gupta family, which controls the firm's holding company, said at the weekend they will sell their South African businesses. Oakbay Resources was down 10.02% at R18.85 before recovering to R20.95 by 14:16.The scandal-hit... 

JSE mulls Oakbay suspension

By: African News Agency      15th July 2016 The JSE said on Friday it had informed Oakbay Resources & Energy that it was considering the suspension of its listing over the company’s failure to appoint a sponsor to replace Sasfin Capital. Sasfin Capital gave notice in April that it would terminate its engagement as sponsor of the... 

Gupta-owned company shares dive 91% as websites downed by hackers 

By: News24Wire      15th June 2016 Gupta-owned Oakbay Resources and Energy’s share price plummeted by over 90% on the JSE on Wednesday, the same day that hackers attacked the company’s websites and shut them down. The JSE-listed company was trading R20.86 lower at R2.14, with only 30 shares trading. The company, with a market cap... 

DA urges IDC to give Guptas 'a wide berth'

By: News24Wire      25th May 2016 The Industrial Development Corporation (IDC) should “follow the lead of the commercial banks and give the president’s pals (the Guptas) a wide berth in future”, the Democratic Alliance (DA) said on Wednesday. DA MP Michael Cardo was officially responding to Economic Development Minister Ebrahim... 

Closure of Oakbay will result in increased unemployment numbers – BBC

By: Ilan Solomons     17th May 2016 The Black Business Council (BBC) has urged all industry stakeholders to ensure that the jobs of employees working for Gupta-linked investment holding company Oakbay Resources are saved. The BBC’s national council stated during a media briefing in Johannesburg on Tuesday that the significant... 

Eskom challenges ‘unfair’ State capture claims 

By: Terence Creamer     19th April 2016 State-owned electricity utility Eskom has moved to challenge ongoing media reports suggesting that the company has been “captured by politically connected families and individuals” and has also called on its former chairperson to approach the law enforcement agencies if he has any information... 

Banks obliged to ensure that clients abide by the law, says Basa

By: Samantha Herbst     14th April 2016 In an attempt to clarify ongoing speculation following Standard Bank and Nedbank’s move last week to sever ties with the Gupta-linked Oakbay Resources, the Banking Association of South Africa (Basa) on Thursday released a statement to account for the regulatory considerations that all banks... 

FNB cancels Guptas’ Oakbay Investment business accounts

By: African News Agency      6th April 2016 Oakbay Resources and Energy on Wednesday confirmed that First National Bank (FNB) had become the second bank to cancel its business accounts after Absa had cut ties with the firm earlier this week. This was the latest in a series of backlashes by corporate South Africa against Oakbay Resources... 

Power generation still driving uranium demand, but environmental, health concerns persist

By: Ilan Solomons     29th January 2016 The future of the uranium mining industry will be largely dependent on the price of the commodity and the profitability of uranium mines, while demand for uranium in nuclear power stations and potentially for nuclear weapons remains the main driver for the commodity. This is according to... 

Power generation still driving uranium demand, but environmental, health concerns persist 

By: Ilan Solomons     29th January 2016 The future of the uranium mining industry will be largely dependent on the price of the commodity and the profitability of uranium mines, while demand for uranium in nuclear power stations and potentially for nuclear weapons remains the main driver for the commodity. This is according to North... 

Varun Gupta

By: Ilan Solomons     20th November 2015 This week we feature Varun Gupta, CEO of Oakbay Resources, a JSE-listed 1 200-employee company involved in gold and uranium mining and coal mining in South Africa. 

North West uranium miner helps establish agriculture venture for nearby community

By: Ilan Solomons     6th November 2015 Mines and municipalities can play a critical role in building local economies, says JSE-listed investment holding company Oakbay Resources & Energy CEO Varun Gupta. He points out that the company’s Shiva uranium mine, in Hartbeesfontein, in North West, has partnered with the Matlosana... 

Resources Watch  

By: Creamer Media Reporter      24th September 2015 This week: Pan African’s surface operations are pumping cash. The steel industry talks call for ‘protection and competitiveness’ balance. And, gold revenue will fund resource development at the Shiva mine. 

Gold revenue funding uranium resource development at Shiva mine 

By: Ilan Solomons     11th September 2015 Gold production and other revenue streams, such as contract mining, are intended as a source of funding for current uranium resource development and as a cost underpin for future uranium production at JSE-listed investment holding company Oakbay Resources & Energy’s Shiva Uranium mine, in... 

Oakbay optimistic about future of uranium mining industry

By: Ilan Solomons     2nd September 2015 JSE-listed investment holding company Oakbay Resources & Energy is upbeat about the long-term prospects for the uranium industry. "It is estimated that uranium demand will grow to 266-million pounds a year by 2030, up from the current 140-million pounds a year. Uranium prices are also forecast to... 

Oakbay narrows FY losses

By: Natasha Odendaal     29th May 2015 Higher gold production and improved grades in the second half of the 2015 financial year led to JSE-listed Oakbay Resources and Energy narrowing its overall losses for the full year by 84%, while its gross and operating profit swung back into the black. Posting its maiden results since listing on... 

Oakbay lists on JSE

By: Leandi Kolver     28th November 2014 Investment holding company Oakbay Resources and Energy on Friday listed on the JSE’s main board, becoming the sixteenth company to list this year. The company held a 74% interest in Shiva Uranium, previously Uranium One Africa, which focused primarily on uranium and gold deposits with its main... 

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