trending Market Intelligence /marketintelligence/en/news-insights/trending/aabqufms3zj3_tqzoruweq2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

In This List

Report: Glencore mulls bid to buy back Optimum coal mine in South Africa

Mining Exploration Insights - April 2020

Mining Exploration Insights December

Mining Exploration Insights: Dip in gold drilling weighs on results

State of the Market: Mining Q2-2019

Report: Glencore mulls bid to buy back Optimum coal mine in South Africa

Glencore PLC is thinking about bidding for the Optimum coal operations in South Africa, which the commodities trader previously sold to a Gupta family-connected company, Bloomberg News reported March 27, citing sources.

The Swiss miner placed the mine under bankruptcy protection in 2015 after South African power utility Eskom Holdings SOC Ltd. refused to renegotiate an unprofitable supply contract and meted penalties, according to the report.

In 2016, Gupta family-owned Oakbay Investments Pty Ltd.'s Tegeta Exploration and Resources Pty Ltd. acquired the mine from Glencore for 2.15 billion rand.

Eskom, which sources the fuel from Optimum mine, previously confirmed that the mine started business rescue proceedings in February, as banks refuse to work with them due to links to former President Jacob Zuma.

Other interested bidders for the Optimum mine includes Exxaro Resources Ltd. and the Phakasmisa Consortium, led by Exxaro's former CEO Sipho Nkosi. The report also named Seriti Resources Pty Ltd. as a potential bidder.