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Exit of major thermal coal miners opens opportunity for local companies news24.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from news24.com Daily Mail and Mail on Sunday newspapers.
Eskom dismisses allegations that De Ruyter "perfected" corruption around coal deal biznews.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from biznews.com Daily Mail and Mail on Sunday newspapers.
South32’s shares were up 5.29 percent at midday yesterday after it announced that its divestment of its 100 percent shareholding in SA Coal Holdings (South African Energy Coal, SAEC) to Seriti Resources and two trusts for the benefit of employees and communities had been completed yesterday. ....
Advertisement Seriti Resources has confirmed that all conditions precedent to its acquisition of South32 SA Coal Holdings Proprietary Ltd (SAEC) have been fulfilled, and the sale is expected to be completed on 1 June 2021. The new shareholders of 100% of SAEC will be Seriti Resources (90%), and the SAEC Employee and Community Trusts (5% each). Since signing in November 2019, this transaction has been subject to various conditions precedent that have required, amongst others, the approval of the Competition Tribunal, the Minister of Mineral Resources and Energy, Richards Bay Coal Terminal, and Eskom. Seriti CEO, Mike Teke, said: “The closure of this transaction is a significant milestone for Seriti and our employee and community trusts. It will secure a sustainable, reliable, and cost-effective coal supply solution to Eskom, and at the same time bring opportunities for further synergies and optimisation within Seriti. This is a further demonstration of our commitment ....
Foto24/Gallo Images/Getty Images Two unions have slammed Eskom for entering into a costly coal-supply deal with Seriti Resources and South32 SA Energy Coal Holdings. The unions took issue with Eskom renegotiating coal-supply deals upward while pleading poverty to employees asking for wage increases. South32 invoked a hardship clause in its agreement with Eskom as it was supplying Duvha station with coal at a loss. The National Union of Mineworkers (NUM) and the National Union of Metalworkers of SA (Numsa) jointly slammed Eskom for entering into a costly coal-supply contract with Seriti Resources and South32 SA Energy Coal Holdings, while pleading poverty to employees asking for wage increases. ....