[miningmx.com] – GLENCORE declared itself satisfied with the terms of the sale of Optimum Coal, in which it has a controlling stake, to Tegeta Exploration and Resources, a company that is part of the Gupta family business network.
“Glencore is pleased with the terms of the transaction concluded by the BRPs [Business Rescue Practitioners] with Tegeta which allows for the Optimum and Koornfontein mines to continue operating and supplying coal to Eskom,” the Swiss-based group said in a statement over the weekend.
“Glencore continues to work with Tegeta and the BRPs to close the transaction as quickly as possible,” it added.
The Financial Mail reported last week that the newly appointed mines minister, Mosebenzi Zwane, had been involved in the transaction. Zwane has been identified as a business partner of the Guptas in the past.
In December last year, Bloomberg News published a report citing a number of prominent commentators, including former Cosatu leader Zwelinzima Vavi, as saying the Guptas held too much sway over the Government, including President Jacob Zuma.
