R/€ = 15.71 Change: -0.09
R/$ = 13.82 Change: -0.09
Au 1283.99 $/oz Change: -9.87
Pt 798.83 $/oz Change: -5.03


Coal ‘not like buying bread’, Hadebe says as Eskom reverses policy on cost-plus mines  

By: Terence Creamer     3rd May 2018 In a major policy reversal, State-owned electricity producer Eskom is budgeting to invest in the sustenance of mines that supply coal to the utility on a cost-plus basis. During Brian Molefe’s controversial tenure as Eskom CEO, the utility became hostile to the cost-plus model, which Molefe... 

Burgh picked to keep Gupta coal mines going

By: Bloomberg     12th April 2018 South Africa’s Burgh Group Holdings won a temporary contract to keep mines linked to the Gupta family afloat, according to a business-rescue manager for the assets. Other parties offered financing, but Burgh “came without conditions,” Louis Klopper, a bankruptcy-proceedings manager at Coronado... 

Eskom says plants run low on coal as Gupta mines undersupply

By: Bloomberg     2nd April 2018 South Africa’s state-owned power utility said it’s running low on coal at six stations as mines owned by the Gupta family failed to meet their contractual supply obligations. The Optimum and Koornfontein mines, which supply Eskom Holdings SOC plants, are owned by companies linked to the Guptas... 

Is there a plan?

By: Terence Creamer     16th March 2018 The change to South Africa’s electricity balance over the past few years has been well documented. Nevertheless it is still quite remarkable. The National Energy Regulator of South Africa (Nersa) now estimates that excess capacity will be about 3 912 MW in 2018/19. In fact, in its reasons for... 

Lawmakers urge mines ministry to be vigilant on Gupta-owned mines

By: Reuters     8th March 2018 The Portfolio Committee on Mineral Resources on Thursday called on the Department of Mineral Resources (DMR) to be vigilant of the mines owned by Tegeta Exploration and Resources in order to prevent a situation that occurred at Aurora Empowerment Systems seven years ago. At Aurora, directors... 

Former Eskom CFO Singh accused of lying and stonewalling at inquiry

By: African News Agency      24th January 2018 Former Eskom chief financial officer Anoj Singh was accused of lying about who paid for his travels to Dubai and ducking questions about suspect transactions he approved in his testimony before the parliamentary inquiry into the power utility on Tuesday. After more than four hours of questions... 

Eskom gave Tegeta prepayment on day Optimum purchase price was due, inquiry hears

By: African News Agency      1st November 2017 A business rescue practitioner on Wednesday told the parliamentary inquiry into Eskom that the power utility agreed to pay Tegeta almost R600-million in advance for coal on the same day it became clear that the Gupta-affiliated company was short of that same sum to purchase the Optimum coal mine.... 

State capture casts long shadow over Eskom’s results  

By: Terence Creamer     19th July 2017 South Africa’s worst kept corporate secret was confirmed on Wednesday, when Eskom reported a sharp fall in after-tax profits to R888-million in 2017, from over R5-billion in the previous financial year. However, the results were overshadowed by serious allegations of corruption and... 

Eskom seeking Tegeta ‘consent’ to disclose value of Optimum settlement

By: Terence Creamer     13th April 2017 Department of Public Enterprises director-general Mogokare Seleke revealed on Thursday that Eskom’s legal representatives had approached Tegeta Resources, owner of the Optimum coal mine, to obtain “consent” in making details of a recent arbitration settlement, relating to a R2.2-billion penalty... 

Exxaro will support any ‘sustainable’ plan for restarting Arnot 

By: Terence Creamer     26th January 2017 Mining group Exxaro says it will be guided by Eskom on the future of the Arnot coal mine, in Mpumalanga, which was closed after Eskom’s contentious December 31, 2015, decision not to renew a 40-year coal supply agreement (CSA) with Arnot, an Eskom-tied mine operated by Exxaro. The termination of... 

Renewables body urges new Eskom chief to restore communications and momentum 

By: Terence Creamer     14th November 2016 The South African Renewable Energy Council (Sarec) has expressed the hope that the new CEO of Eskom will restore “constructive communication” with the renewable-energy industry, which it says has faced “increasingly irrational and inaccurate criticism” during Brian Molefe’s tenure. Molefe... 

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... 

Oakbay seeks to shed light on its operations, upbeat about future prospects

By: Ilan Solomons     9th September 2016 In an attempt to highlight that its revenue is largely driven by private-sector deals – with government contracts accounting for only 8.9% of revenue generation – controversial investment holding company Oakbay Investments on Thursday released its first annual results for the year ended February... 

Treasury blocks Eskom request for Tegeta coal-supply extension

By: Bloomberg     1st September 2016 South Africa’s National Treasury denied Eskom’s request to extend a short-term coal-supply contract for the Arnot power plant with Gupta family-controlled Tegeta Exploration and Resources, the electricity producer said. Four companies including Tegeta are providing the plant with coal until... 

Molefe in forceful defence of Gupta-linked coal deal  

By: Terence Creamer     5th July 2016 Eskom CEO Brian Molefe went on the offensive on Tuesday against critics of the State-owned utility’s recent coal contract with the Gupta-family-linked Tegeta Exploration and Resources, likening the role of the banks and the media in the “hullabaloo” to that of a “kangaroo court”. Speaking at the... 

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... 

Gupta-linked group moves to buy struggling Optimum for R2.15bn 

By: Terence Creamer     11th December 2015 Oakbay Investments Group’s Tegeta Exploration and Resources has concluded a conditional R2.15-billion transaction to buy all the assets of Optimum Holdings, which has been in business rescue since August. Oakbay is linked to the Gupta family, with Atul Gupta its chairperson and his nephew Varun... 


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