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Beryl Group acquires 100% stake in Eyethu Coal

29th March 2021

By: Donna Slater

Features Deputy Editor and Chief Photographer

     

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Pan-African diversified investment company Beryl Group has acquired Africoal’s stake in Eyethu Coal, effectively making the group the 100% shareholder in Eyethu Coal.

Eyethu Coal was established in 2004. It has six operational mines, with expansion plans for several new operations under development.

Eyethu produces in excess of four-million tonnes of coal a year, with further capital injections from Beryl Group planned to enhance the assets and increase the life of the mines, and the opening up of a “solid and expansive” coal export business for Beryl Group, the group states.

Beryl Group focuses on strategic proprietary investments and holds equity interests in a portfolio of medium and large capitalised companies spanning across three core sectors of logistics and rail, coal and financial services.

To expand the mining footprint of Beryl Group, Beryl Coal was established as a majority black female-owned entity with a strategic vision to obtain various reserves and continue supply to the local market with a view to expand to the export market.

Group CEO Dr Reabetswe Kgoroeadira says her driving of the group’s strategy is guided by the philosophy that “consistency and execution are the two most important currencies in business”.

With yearly revenues exceeding R3-billion, Beryl Group states that its coal platform will provide the “prospect of economic stimulus” by adding an estimated 2 000 more jobs across its mining operations.

Beryl Group chairperson Neverl Kambasha says the group’s decision-making is derived from its ability to add value in every opportunity and transaction it engages in. “The acquisition of Eyethu Coal positions us in good stead to tilt the scales in coal mining as we further cement our position as a key player in the sector.”

Beryl Group says the acquisition’s timing is important and in line with the demand for coal, largely in the energy and petroleum sectors. “Eyethu Coal is already a large supplier of coal locally, as well as a major supplier of A-grade coal into the export market,” the Beryl Group states.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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