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Seriti Resources is interested in acquiring Optimum Coal, CEO says

Seriti Resources Pty. Ltd. is interested in buying the assets and quotas of Gupta family-owned Optimum Coal Holdings Ltd. in South Africa as it looks to move into exporting coal, Reuters reported June 6, citing CEO Mike Teke.

Other interested bidders for Optimum include Exxaro Resources Ltd. and the Phakasmisa Consortium, led by former Exxaro CEO Sipho Nkosi.

Glencore PLC, which sold the Optimum coal operations to Gupta family-owned Oakbay Investments Pty. Ltd.'s Tegeta Exploration and Resources Pty. Ltd. for 2.15 billion South African rand in 2016, is also said to be interested in buying back the asset.

South African power utility Eskom Holdings SOC Ltd., which sources fuel from the Optimum mine, had confirmed that the mine started business rescue proceedings in February as banks refused to work with them due to links to former President Jacob Zuma. Optimum, however, has not made clear if its assets are up for sale.

Seriti Resources in March completed the 2.3 billion rand acquisition of Anglo American PLC's Eskom-tied domestic thermal coal operations in South Africa, which includes the New Vaal, New Denmark and Kriel collieries and four closed collieries.