Pembani confirms it and Glencore interested in Optimum


GLENCORE’S South African partner, Pembani, said it was interested in bidding for Optimum Coal Mine which has been placed in business rescue following the loss of its previous owner’s access to banking facilities in South Africa.

Optimum was “… aligned with Pembani strategy and has been previously owned by ourselves, therefore we would be open to explore the opportunity,” Pembani spokeswomen, Charlene Nyembe told Business Times, a weekly newspaper.

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“At this stage Glencore and ourselves have expressed interest to explore this opportunity further,” she added. Pembani bought Shanduka Resources after the latter’s founder Cyril Ramaphosa, was elected South Africa’s deputy president in 2014. Shanduka Resources was Glencore’s black economic empowerment partner.

Tegeta Resources, a company owned by the politically connected Gupta family, bought Optimum Coal Mine, and Koornfontein, out of business rescue where it had been placed by Glencore following a dispute with Eskom on the quality and price at which it was buying coal. Tegeta Resources has gone out of business, however, after South Africa’s financial services sector refused to do business with the Gupta family on allegations of corruption. The Guptas are close to South Africa’s former president, Jacob Zuma.


LINK : http://www.miningmx.com/trending/32353-pembani-confirms-glencore-interested-optimum/

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