South Africa welcomes Tegeta coal mine sale by Oakbay

Aug 24, 2017

South Africa's government welcomes the sale of the Tegeta coal mine by Oakbay Investments to a Swiss-based firm for $225 million, citing the jobs the sale could save, the department of mineral resources said on Wednesday.

Tegeta Exploration and Resources, whose mines supply coal to South African state-owned power utility Eskom, will be sold to Switzerland-based Charles King SA for 2.97 billion rand ($225 million), with the buyer committing to having a 30 percent minimum black-owned stake.

Oakbay is owned by the Gupta family, business friends of President Jacob Zuma accused of using their links with the 75-year old leader to wield undue influence and win lucrative state contracts. Both Zuma and the family deny any wrongdoing.

 

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