Glencore has said the 10 million tonnesayear Optimum coal mine is under financial strain as it was selling coal to Eskom for less than the cost of production. Business rescue, similar to chapter 11 in the United States, allows a financially...
South African coal mines agree supply deal with Vitol. Optimum has to supply t/yr to the Hendrina power plant at R201/t, which does not even cover the R350/t cost of underground mining. The Koornfontein mines supply coal to the Komati power plant at R450/t, which is marginally better but still falls well below the price agreed with Vitol.
Sep 07, 2015· Optimum Coal Mine resumes it's supply to Eskom's Hendrina power station. In South Africa, Optimum Coal Mine resumed its supply of coal to stateowned power utility Eskom's Hendrina power station on Friday. This follows negotiations between the business rescue practitioners for Optimum Coal Mine ...
The Waterberg Coalfield is an extensive deposit of coal in the Ellisras Basin in South Africa, lying mostly in the Waterberg District Municipality of the Limpopo province. Mining is increasing, both for export and for local power production, and industry in the region is expected to expand.
What happened to the R1billion Optimum secured? According to an IOL News report, the coal mine had received an estimated R1billion in funding to resume coal supply operations for Eskom.
Optimum Coal Mine, situated in South Africa's Mpumalanga province, supplies Eskom's Hendrina power station. However, under the control of the Guptaowned Tegeta Resources, the mine has struggled to meet the coal qualities required of Eskom.
Full Description : Mafube Colliery is an opencast mine situated 37km east of Middelburg. We have vacancies for thefollowing positions and invite candidates wishing to make a meaningful contribution to the company DIESEL MECHANIC BOILERMAKERBy embarking on one of these exciting learnerships, you will have the chance to be ...
Optimum Coal Mine (Pty) Ltd (in business rescue) for the sale of in the Mpumalanga province. OCM has open cast strip and underground sections. OCM owns 8 draglines, 2 processing plant, 1 railway siding, 1 rapid load out facility, 15 ML/day water reclamation plant. Life of mine is 2030+.
Optimum Coal Mine (Optimum), have resolved to commence business rescue proceedings and place both companies under supervision given continued and unsustainable financial hardship. Optimum has over the last 6 months taken various steps to restructure its operations and
[23] The applicant has always submitted that it is independent from Koornfontein Mine and the only connecting factor was that each had the same 100% shareholder, Optimum Coal Holdings (OCH). The applicant pointed out that the secondary strike would have the effect of retarding and disrupting its ability to operate and manage its business.
Project Halo offered to buy Tegeta's Optimum Coal Mine (Pty) Ltd., for a maximum of billion rand, Koornfontein Mines (Pty) Ltd. for 200 million rand and Optimum Coal Terminal (Pty) Ltd. for 50 million rand, according to the term sheet seen by Bloomberg.
Coal supply unit manager at Eskom, Gert Opperman, told the Zondo Commission of Inquiry into state capture on Friday that coal supply agreements between the power utility and Optimum coal mine were treated with extreme leniency after Tegeta acquired it from Glencore.
Optimum Coal Mine, Middelburg, Mpumalanga. 109 likes. Local Business
The Optimum mine, and the even more valuable coal export allocation that comes with it, is the jewel in the crown of the Gupta family empire that voluntarily entered business rescue in 2016.
PH Optima Dipper Systems. Nominal capacities of up to 120 tons. Minematching options available for coal loading, hard rock and oil sands. Improved digging force at the center of the lip and optimized dump heights for even the largest haul trucks.
What has been going down at Glencore's Optimum coal mine is unconscionable. After months of wranging over price between the mine and its major client Eskom, a deal was finally ready to be signed. At the last minute Eskom CEO, deployed cadre Brian Molefe, entered discussions with his only intention being to tear up the agreement.
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