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Eskom board still considering whether to take State of Capture report on review 

By: Terence Creamer     4th November 2016 The Eskom board reported on Friday that it was taking legal advice on “inconsistencies” in the Public Protector’s ‘State of Capture’ report, including whether or not to take the report on legal review. The board also insisted that all directors had declared conflicts of interest, complied with... 

Emotional Molefe weighs judicial review and future after damning Public Protector report  

By: Terence Creamer     3rd November 2016 Eskom CEO Brian Molefe has indicated that he is weighing his future options as head of the State-owned electricity producer following the release of a Public Protector report, which raises serious questions about his role in facilitating a coal deal involving Tegeta, a mining company linked to... 

Sole purpose of Eskom contract was to fund Tegeta – Public Protector

By: Martin Creamer     3rd November 2016 In light of the extensive financial analysis conducted, it appears that the sole purpose of awarding contracts to Tegeta to supply Arnot power station was to fund Tegeta and enable it to purchase all shares in Optimum Coal Holdings (OCH). The only entity which appears to have benefited from... 

Zwane's 'mystery' Dubai trip

By: News24Wire      3rd November 2016 A series of unused flights during a "mysterious" trip abroad by Mining Minister Mosebenzi Zwane, during which he allegedly escorted a member of the Gupta family to a meeting with an international mining company, may have cost taxpayers nearly R100 000 in possibly fruitless or wasteful... 

Mike Teke

By: Ilan Solomons     21st October 2016 This week we feature Mike Teke, president of the Chamber of Mines of South Africa and founder of Masimong Group Holdings, an investment holdings company 

Vitol plan to buy Gupta coal terminal stake may be thwarted

By: Bloomberg     12th September 2016 Vitol Group’s plans to buy a stake in Africa’s biggest coal terminal from a company controlled by South Africa’s Gupta family, who are friends of President Jacob Zuma, could be thwarted by the preemptive rights held by existing shareholders in the export facility, people familiar with the matter... 

Guptas’ Oakbay signs coal-export deal at premium to Eskom prices 

By: Bloomberg     8th September 2016 Oakbay Investments, owned by the Gupta family, signed a contract to export power-plant coal at a premium to what it gets from South Africa’s electricity utility, CEO Nazeem Howa said. “We signed our first export contract this week,” Howa said on a conference call Thursday. “The value of the... 

Vitol said to mull Guptas’ stake in South African coal terminal

By: Bloomberg     2nd September 2016 Swiss commodities trader Vitol Group is interested in buying a stake in South Africa’s Richards Bay Coal Terminal from a company controlled by the Gupta family, according to a person with knowledge of the matter. Buying the stake in Africa’s biggest coal export facility from Optimum Coal Holdings... 

Treasury, Eskom in war of words over cooperation in coal-contract review 

By: Terence Creamer     29th August 2016 The National Treasury has strongly disputed Eskom’s contention that it has been cooperating with its review of coal contracts involving the Gupta-family-linked Tegeta Exploration and Resources, indicating rather that its “efforts have met resistance” from the utility. It also disputed Eskom’s... 

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... 

Sale of Optimum Coal to Tegeta concluded

By: Terence Creamer     14th April 2016 The joint business rescue practitioners of Optimum Coal Holdings announced on Thursday that all outstanding obligations in respect of the sale of the assets of Optimum Holdings to Tegeta Exploration & Resources had been performed and that the transaction would become effective on April 15. Joint... 

Optimum rescue plan approved, as Guptas quit Tegeta holding company

By: Terence Creamer     8th April 2016 The business rescue plan for Optimum Coal Holdings was approved on Friday after the majority of creditors adopted the plan at a meeting of affected parties in Johannesburg. Joint business rescue practitioners Piers Marsden and Peter van den Steen said the plan was binding on all parties and that... 

Factual inaccuracies in media report, say Optimum Coal business rescuers

By: Megan van Wyngaardt     2nd February 2016 Optimum mine and Optimum Coal Holdings’ joint business rescue practitioners (BRPs) Piers Marsden and Peter van den Steen said on Tuesday that there had been “a number of factual inaccuracies” in a recent media report on the ongoing Endulwini Mining offer. The BRPs said that the report... 

Mining Minister says Glencore has alternatives to retrenchment 

By: Megan van Wyngaardt     5th August 2015 Mineral Resources Minister Ngoako Ramatlhodi says international mining giant Glencore should have looked at alternatives to retrenchments, including shifting workers to vacancies in other operations, before considering the potential retrenchment of about 1 000 workers. The Department of Mineral... 

Optimum mine right suspended, penalties may force R1/t coal supply 

By: Martin Creamer     4th August 2015 Financially stricken Optimum Coal has been hit by a double whammy – huge potential penalty claims from State electricity utility Eskom plus a suspension of its mining licence by the Department of Mineral Resources (DMR) for alleged inhumane retrenchment. In the face of these latest setbacks,... 

Optimum Coal heads for business rescue as Eskom plays hardball 

By: Martin Creamer     4th August 2015 Business rescue proceedings are to begin at both Optimum Coal Holdings and Optimum Coal Mine after attempts to renegotiate a 22-year-old lossmaking supply agreement with Eskom ended in the State electricity utility asserting its rights to past and future penalty claims. The penalties sought... 

Glencore Xstrata outlines integration initiatives

By: Natalie Greve     3rd May 2013 The newly formed Glencore Xstrata has confirmed that integration initiatives are under way, with clear leadership and reporting lines already in place and an industrial asset portfolio review currently in progress. The combination of commodities trader Glencore and producer Xstrata created a... 

Keaton Energy appoints new CEO

     6th June 2012 JSE-listed coal miner Keaton Energy appointed Rowan Karstel as its CEO to succeed Paul Miller with effect from July 1. Kastel is the former chief project officer of South Africa's sixth-largest thermal coal miner, Optimum Coal Holdings. He was responsible for the development and execution of... 

Company Announcement: Optimum Coal Funmatics Programme to revolutionise mathematics

     28th March 2012 The Optimum Community Trust unveils a new and revolutionary programme that seeks to change mental models, challenge mathematics phobias entrenched over a period of time, introduces new ways of stimulating learning and teaching to involve holistic development thus breaking psychological barriers... 

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