The Gupta-owned Optimum Coal Mine, Optimum Coal Terminal and Koornfontein Mines in Mpumalanga are on sale within business rescue regulations - and the business rescue practitioners say a transparent sale process to vetted bidders must close on June 18.
The practitioners, in consultation with major creditors, appointed GoIndustry DoveBid and Park Village Auctions to finalise the sales process of the coal mining companies.
“As Optimum Coal Mine, Optimum Coal Terminal and Koornfontein Mines are owned by entities linked to the controversial Gupta family, all interested parties will be required to provide an affidavit disclosing any past dealings with the Oakbay Group of companies, its directors or shareholders or with politically exposed persons,” says John Taylor, associate director of GoIndustry DoveBid.
“Offers to purchase, coupled with an immediate Post Commencement Finance facility, are awaited for the mining assets and should, ideally, reach the sales team by June 5.
“Prior to acceptance, interested parties will need to engage with the creditors holding the larger voting interests who will be disclosed to vetted bidders once the most responsive bids are considered.”
Optimum Coal Mine and Koornfontein Mines’s operations can extend beyond 2030. Optimum’s assets includes an open-cast strip and underground sections, eight draglines, two processing plants and a railway siding.
Optimum Coal Terminal and Koornfontein Mines are both shareholders in the Richards Bay Coal Terminal. Koornfontein, which has a 1.5million ton annual coal export entitlement, has assets such as underground operations, three processing plants and two railway sidings.
For more information, contact Taylor at 082416 3883 or email [email protected] or visit www.go-dove.com/southafrica or Park Village Auctions at 011 789 4375 or www.parkvillageauctions.co.za. - Auctions Writer