Wescoal confirms investigation at Arnot Opco is under way
JSE-listed coal miner Wescoal has confirmed that an investigation into alleged mismanagement at the Arnot Opco operation, in which it has a 50% indirect interest, is under way.
The company refers to an article published by a weekly newspaper on February 13 that made several claims and allegations involving key executives and employees of Arnot Opco.
Wescoal stresses that it is committed to strict principles of good governance and holds Arnot Opco to the same standards.
Wescoal says it has invested a significant amount into the re-establishment of the Arnot mine since its closure by prior owner fellow coal miner Exxaro Resources in 2015.
The mine is expected to soon deliver first coal into the Arnot power station, as required under a ten-year coal supply agreement (CSA) awarded to the operation by Eskom in August 2021.
The balance of shareholding in Arnot Opco is owned by a consortium of 1 038 former Exxaro employees.
These employees lost their jobs at the expiry of the previous CSA in 2015, which resulted in Exxaro decommissioning the mine.
Since 2016, the former employees embarked on a process to acquire, reopen and operate the Arnot mine, which is based in Mpumalanga.
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