After that, it was acquired by the Gupta family’s Tegeta Exploration and Resources.
In former public protector Thuli Madonsela’s “State of Capture” report it was found that former Eskom executives had advanced the Guptas R600m to help them acquire the mine.
In February, Optimum and eight other Gupta-linked entities were placed under business rescue — a provision in law for the rehabilitation of distressed companies. As part of the rescue plan, Optimum is now up for sale, and it is expected that a deal could be concluded before the end of 2018. Glasenberg, however, said that Glencore was “not making any moves” to acquire Optimum again.
Meanwhile, Eskom, which supplies virtually all of SA’s energy needs, is facing a coal-supply crunch that has contributed to the return of load shedding, with devastating repercussions for the SA economy.
Ten out of Eskom’s 15 coal-fired power stations do not have sufficient coal stocks.
Glencore had stepped in to help plug the supply gap, Glasenberg said.
“It’s clear they require more coal. We are doing whatever we can to assist.”