One insider, with intimate knowledge of the situation, said Van der Merwe was seemingly unable to meet with staff as he had been unable to raise the Guptas on the telephone for the better part of Wednesday as he sought to resolve the money crisis. Set Default Regional Edition Select your default regional edition of MiningWeekly. Those who have worked for the mine near Hendrina in Mpumalanga. On Monday morning, the business rescue practitioners currently appointed to oversee eight Gupta companies in February this year, including Optimum, expressed their shock at the shooting. This resulted in a section being closed at the underground operations.
The amount coincided with the money the Guptas needed to buy Optimum. Workers protested Wednesday over the uncertainty at the operations. Meanwhile, now that Ajay Gupta is officially a fugitive, it is unclear whether he would attend the parliamentary enquiry into Eskom on March 6. News Mineworkers at Optimum Coal were due to take to the streets for a second day on Thursday. The government needs to intervene on this situation. In the due diligence the penalty is mentioned too. Teke takes over the reins from outgoing president Mark Cutifani.
Click here to see other benefits and to sign-up to our reader community supporting quality, independent journalism. Created on 3 Dec 2015 7. The replacement or refurbishment of mining equipment that had reached the end of its economic life were also not done, resulting in a decline in the reliability and availability of machines essential to sustainable mining operations. The Department of Mineral Resources. The interest from two of the biggest commodities trading houses underscores the strategic value. Potential takers for those export slots are seemingly nervous now that the police have obtained a warrant for the arrest of Ajay Gupta. Combined with their 7% stake in the Richards Bay Coal Terminal, it is valued at just under R5-billion and is the proverbial gold mine, the prized asset in their stable.
Removing advertising from your browsing experience is one of them - we don't just block ads, we redesign our pages to look smarter and load faster. A month later Tegeta was lobbying Eskom for a R1. Teke was commenting following the finalisation of the purchase by Seriti of three Eskom dedicated coal mines — New Vaal, Kriel and New Denmark — from Anglo American, a deal that was first unveiled in April last year. Project Halo won a bid to buy Optimum Coal Mine, Koornfontein Mine and Optimum Coal Terminal for R3. Become a member There are many great benefits to being a Maverick Insider.
The Guptas have not initiated any regulatory processes, nor have they formally communicated with Eskom about the sale. By: 1st November 2017 A business rescue practitioner on Wednesday told the parliamentary inquiry into Eskom that the power utility agreed to pay Tegeta almost R600-million in advance for coal on the same day it became clear that the Gupta-affiliated company was short of that same sum to purchase the Optimum coal mine. The Mpumalanga mine — which was previously owned by Glencore — was placed under business rescue in August 2015. Power utility Eskom late on Thursday confirmed that the mine, which supplies coal to its. Some of the key production contractors began to de-establish from site as a result of nonpayment. News Despite management by that all workers at the Optimum Coal mine have been paid, several employees say that this is definitely not the case. Workers have not been paid salaries since the.
Three hundred of these workers spent most of last week protesting outside of Optimum. A spokesperson for the business. Multiple attempts to reach his attorney in this matter were unsuccessful but chairwoman of the portfolio committee, Daphne Rantho, told Daily Maverick that the invitation was on its way. They are demanding their salaries, saying they have not been paid in two months. It is also of utmost importance, that these rich fat cats are brought to book — they have been earning money while workers who have done their jobs diligently have not been paid. By: 20th November 2014 Mining company Glencore won an interim interdict in the Labour Court on Wednesday against the National Union of Mineworkers conducting a secondary strike at its Optimum Coal mine. We are here because Optimum Coal Mine is the face of state capture.
Created on 22 Sep 2015 8. During September 2017, the Bank of Baroda announced that it was going to close the accounts used by the Gupta-controlled companies, including Optimum and Koornfontein, which are adjacent operations. What did he see there? Employees protested outside the mine on Monday over unpaid wages as the company has failed to pay their wages since September after Tegeta Exploration and Resources, which bought the mine from Glencore in 2016, was placed under business rescue earlier this year. News24 has learned that Arora was returning. This after the Gupta-owned mine failed to meet their contractual obligations to supply with over 400 000 tonnes of coal per month — a move that has resulted in imposing penalties of R105 million.
The state alleges that large portions of that cash had found its way into the bank accounts of some Gupta companies. Employees are worried about the planned sale of Tegeta Exploration and Resources, the company that owns the mine, unpaid bills, retrenchments at Koornfontein and a fresh non-compliance notice for failing to perform fully on its social and labour commitments, something that could shut them down unless resolved. Leveraging the Promotion of Access. The money was meant to help indigent Free State farmers. Through Burgh Group Holdings, 38-year-old Quinton van der Burgh joined. In a statement, Mazzone said that the employees of Optimum were the victims who were suffering the effects of state capture in silence.
The answer lies in that. Daily Maverick has been told that he was unable to meet mineworkers on Wednesday. December will be the third month with no pay for these workers and the consequences of this extend far beyond a barren Christmas dinner table and a silent new year spent indoors. Created on 15 Jun 2018 3. This, in turn, resulted in, besides others, mining equipment not being repaired or maintained on a regular basis or at all. The Guptas are battling major cash flow problems at the moment with some family members and 20 of their companies caught up in various costly legal battles. Created on 10 Jul 2018 2.