Close
PRESS RELEASE
SuperUser Account
/ Categories: Article

PRESS RELEASE

OFFERS RECEIVED FOR GUPTA MINES IN BUSINESS RESCUE

After a collaborative, competitive and transparent sales process that closed on Friday 26 July, the business rescue practitioners of Optimum Coal Mine, Optimum Coal Terminal and Koornfontein Mines announced that no less than eight offers had been received for the assets of these companies.

 

The business rescue practitioners in consultation with major creditors, appointed Goindustry Dovebid and Park Village Auctions to facilitate the sales process and are assessing the offers. Once qualifying offerors have been identified, they, together with representatives of the major creditors, will engage with those offerors over the coming weeks to agree on commercial terms to present to the companies’ body of creditors to vote on in the form of a business rescue plan.

 

Optimum Coal Mine (Pty) Ltd, Optimum Coal Terminal (Pty) Ltd and Koornfontein Mines (Pty) Ltd are owned by entities linked to the controversial Gupta family. Optimum Coal Mine’s assets includes an open cast strip and underground sections, eight draglines, two processing plants, a railway siding, a rapid load-out facility and a 15 mega litres-per-day water reclamation plant. Operations can extend well beyond 2030. Optimum’s Coal Terminal, a shareholder within the Richards Bay Coal Terminal, includes a 6.5-million-ton annual coal export entitlement.

 

Koornfontein Mines, also situated in Mpumalanga, a shareholder within the Richards Bay Coal Terminal, includes a 1.5-million-ton annual coal export entitlement, combines the sale of the underground operations, three processing plants, two railway sidings and a rapid load-out facility. As with Optimum Coal Mine the life expectancy of Koornfontein Coal Mine is also beyond 2030.

Print

Featured Auctioneers

SA Auction
Auction 24
Auction Operation
Eli Stroh Auctioneers
Jack Klaff Auctioneers and Estate Agents Pty Ltd.
ARI Auctioneers
WH Auctioneers
Crosstate Auctioneers
C and D Thompson Auctioneers
Root X Realty and  Auctioneers
Vans Auctioneers (Gauteng)
Riley Auctioneers
Prime Auctions
Aucor Corporate (Pty) Ltd
BIDX1
Elite Auctions
Venditor Auctioneers
Cahi Auctioneers (Pty) Ltd
Bidders Choice
Isivuno Auctioneers
Home and Hectare
Nuco Auctioneers
Ian Wyles Auctioneers
O-Yes Auctions
In2assets Property Specialists
Auction Inc
Ryncor Auctioneers
NRE Auctioneers
BRITE-X  Auctioneers and Real Estate
Liquidity Services SA (Pty) Ltd
Mogale Auctioneers
Asset Auctions (Pty) Ltd
Park Village Auctions
The High Street Auction Company
Aucor Sandton (Pty) Ltd
Devco Auctioneers
Dynamic Auctioneers
Marietjie Keet Auctioneers

No content

A problem occurred while loading content.

Previous Next
Terms Of UsePrivacy StatementCopyright 2024 by SAIA
Back To Top