• Growing people

    What is the most powerful way to develop the capabilities of people at work? Ian Mann answers.

  • Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

All data is delayed
Loading...
See More

Gupta-Zuma firm gets 10th of Richards Bay export rights

Feb 18 2016 10:45
Franz Wild and Paul Burkhardt

Duduzane Zuma. Photo: Brendan Croft

Company Data

ANGLO AMERICAN PLC [JSE:AGL]

Last traded 148
Change 3
% Change 2
Cumulative volume 2550115
Market cap 0

Last Updated: 26-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

SOUTH32 LIMITED [JSE:S32]

Last traded 20
Change 0
% Change 2
Cumulative volume 153905
Market cap 0

Last Updated: 26-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

GLENCORE PLC [JSE:GLN]

Last traded 35
Change 0
% Change 1
Cumulative volume 1248991
Market cap 0

Last Updated: 26-07-2016 at 05:00. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

James Lorimer: Optimum’s loss, Guptas gain. Private profiteering from SOEs.

Door still open to controversial Denel Gupta deal

Meet Ian Whitley: Duarte son-in-law, Gupta ally, jobless to FinMin adviser

Named: Van Rooyen’s two Gupta 'advisers' who almost hijacked SA Treasury

Gupta company: No help from minister with mining deal

Gupta-Zuma coal deal cleared with vow to keep SA jobs

 

Johannesburg - Tegeta Exploration & Resources, a venture whose shareholders include the Gupta family and President Jacob Zuma’s son Duduzane, is acquiring the rights to export eight million metric tonnes of coal through Africa’s biggest port for the fuel.

Richards Bay Coal Terminal, which lies on the north east coast and is owned by mining companies, shipped a record 75.4 million tonnes last year and has a design capacity of 91 million tonnes. Its shareholders include Anglo American [JSE:AGL], Glencore [JSE:GLN] and South32 [JSE:S32] and almost all of South Africa’s coal exports move through the terminal.

The purchase “allows us access to an export contract,” Nazeem Howa, the chief executive officer of Tegeta shareholder Oakbay Investments, said at an antitrust hearing in Pretoria on Wednesday. “Until now, that’s been controlled by the big players. It’s quite significant access.”

Tegeta agreed to buy Optimum for R2.15bn in December after Glencore put the business into administration, saying that the refusal by state power utility Eskom to renegotiate a coal supply deal had made it unprofitable.

The Guptas, a family from India whose South African businesses span media to uranium mining, have been criticised by labour unions and opposition parties for their links to Zuma.

In addition to doing business with his son, their companies have employed his daughter and one of his wives. Mosebenzi Zwane, South Africa’s mines minister, said he traveled to Switzerland to meet with Glencore to try and advance the deal to save jobs.

The combined export allocation is from Optimum Coal Mine and Koornfontein mine, which is also part of the deal, Louise Brugman, a spokesperson for Optimum’s administrators, known locally as business rescue practitioners, said in an emailed response to questions.

The Competition Commission recommended the purchase be approved, provided it doesn’t result in any of the 3 000 employees in the joint operations losing their jobs. The Competition Tribunal must now make a ruling as to whether it can go ahead.

Follow Fin24 on Twitter, Facebook, Google+ and Pinterest. 24.com encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

 
 
 
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

Have you experienced FNB’s outage problem?

Previous results · Suggest a vote

Loading...