THERE’S a host of unlisted coal mining exploration and operating companies, some of them supplying Eskom, the state-owned power utility. One that is not supplying the utility is Canyon Coal, held in Luxembourg-registered investment firm, Menar. Atop all this is Vuslat Bayoğlu, MD of Menar, executive chairman of Canyon Coal, and much else besides. Bayoğlu is unfurling a web of exploration and operating interests in South Africa which has coal as the principal target, but not exclusively. It does seem unnecessarily complex though: Menar also owns Minerano Resources, which is exploring for gold, base and ferrous metals; while Sitatunga Resources is a blue-sky explorer in southern Africa and Turkey, Bayoğlu’s homeland. Menar Capital also recently established Mzou Resources, which wants to explore for coal in the newly-liberated (apparently) Zimbabwe. Canyon Coal is the focus, however. The plan is to take production to 10m tonnes a year from the current annual tonnage of 3.5m. The Hakhano, Singani and Phalanndwa collieries operate from Middelburg and Delmas, while Canyon is hoping to commission Ukufisa in Springs imminently. Zululand Anthracite Colliery, bought by Menar from Rio Tinto last year, recently commissioned a R100m wash plant that will process one million tonnes in anthracite sales.
LIFE OF VUSLAT
Born in Erzurum, a city in eastern Anatolia, Vuslat ‘Vusi’ Bayoğlu was educated at Orta Doğu Teknik Üniversitesi from 1992 to 1997 where he graduated with a Bachelor of Applied Science in mechanical engineering. He has spent 15 years in mining and has made South Africa his second home, where he is a citizen.
- Web Address: www.menar.com