Tuesday, June 27, 2017
Mandi Glad

Mandi Glad

Keaton Energy

MANDI Glad got rid of a major headache last year, the loss-making Vaalkrantz coal mine in South Africa’s KwaZulu-Natal province. Vaalkrantz delivered one problem after another, including the discovery early in 2015 of internal fraud. A serious drought in the area, and an illegal sit-in by contractor employees in March, compounded its problems that also included difficult geology. The only hurdle remaining now is to secure the South African government’s approval for the sale. Keaton’s flagship mine, Vanggatfontein, continues to produce consistently for Eskom, however, and after the usual extended wait for a decision, an integrated water use licence has been secured for the Keaton’s new project, Moabsvelden. Moabsvelden was going to aim for an Eskom offtake agreement, but Glad said recently that funders were getting wary of Eskom’s increased risk profile, including worries about its corporate governance standards. As a result, Keaton was going to look at other options, including exports. Another issue Glad can boast of having resolved successfully was a claim for R42.5m brought by Megacube Mining, which was dismissed. After tackling these issues, Glad - a major shareholder in Keaton - might welcome a buyout. The firming in export coal prices this year has encouraged some corporate activity and Keaton, with its cash generating activities and expansion prospects, has been approached by several parties looking to take it over.

LIFE OF MANDI

Glad co-founded the women-led investment company Rutendo Mining with Antoinette Sedibe which took a stake in Keaton. From 2009, Glad was Keaton’s marketing and business development director and in 2012 she was appointed CEO.

“Keaton is positioned to ride out the storm.”