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Exxaro interested in acquiring Richards Bay Coal Terminal's export entitlement

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Exxaro interested in acquiring Richards Bay Coal Terminal's export entitlement

Exxaro Resources Ltd. expressed interest in acquiring the coal assets of Tegeta Exploration and Resources Pty. Ltd., owned by the Gupta family, Miningmx reported March 8, citing CEO Mxolisi Ngojo.

During a conference call for its 2017 results, the South African coal miner's chief executive said the company was specifically interested in the export entitlement at the Richards Bay Coal Terminal port contained in the Optimum coal mine.

According to the report, Exxaro stands to nearly double its direct access to the thermal coal export market should it successfully acquire the export entitlement.

Prospective bidders include the Phakasmisa Consortium, led by Exxaro's former CEO Sipho Nkosi, which is interested in both the entitlement and the Optimum mine.

A previous deal to sell the entitlement in 2016 was blocked by Richards Bay Coal Terminal shareholders on the basis of exercising pre-emptive rights.