Coal from the Optimum coal mine will start being exported through the Richards Bay Coal Terminal terminal as soon as the necessary rail arrangements with Transnet are finalised
Photo by: Bloomberg
Richards Bay Coal Terminal (RBCT), Liberty Coal/Liberty Coal Terminal and the business rescue practitioners (BRPs) of Optimum Coal Mine (OCM) and Optimum Coal Terminal (OCT) have reached an agreement on the terms and conditions on which coal from the Optimum coal mine will start being exported through the RBCT as soon as the necessary rail arrangements with operator Transnet are finalised.
Unless something unforeseen should arise, the parties expect the first coal to be railed to the RBCT in early April.
Liberty Coal and the BRPs of OCM and OCT will, in the meantime, continue with implementation of the OCM and OCT business rescue plans and the supporting transaction agreements.
This is in the interests of ensuring that all necessary registrations relating to the transfer of OCM’s mining assets, including all immovable properties, are as far as possible completed on or before January 31, 2025.
Liberty Coal took full operational control of the Optimum coal mine from February 1, together with beneficial occupation and possession of OCM’s assets, and has assumed the compromised claims of OCM’s and OCT’s respective creditors.
Subject to relevant fiscal, statutory and related considerations, OCM and OCT will be formally discharged from their business rescue proceedings once their respective BRPs are satisfied that substantial implementation has occurred.