Today's Labour News

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MantasheDavid McKay writes that the government put a spanner in the works on Thursday after it said its African Exploration & Mining Finance Corporation (AEMFC) was participating in a consortium that would effectively nationalise Optimum Coal Mine.  

The bid heaps yet more confusion on the meandering, apparently haphazard and occluded process of retrieving Optimum Coal from bankruptcy.  It was thought a company known as Project Halo had submitted a successful bid for Optimum.  The emergence of AEMFC’s consortium, however suggests the destiny of Optimum is far from settled.  AEMFC’s CEO, Sizwe Madondo, said the “hotly contested” asset would be operated as a public private partnership (PPP).  In terms of this, the mine will be owned by AEMFC and run by an established privately owned mining operator.  The emergence of AEMFC, which owns the Vlakfontein coal mine, bears the hallmark of mineral resources minister, Gwede Mantashe, who previously attempted to persuade the private sector to help AEMFC take Optimum out of business rescue.  More recently, Mantashe discussed the possibility that Impala Platinum could ‘sell’ some of its unprofitable Rustenburg shafts to the AEMFC.

  • Read this report in full at Miningmx
  • Read too, Optimum, Koornfontein preliminary business rescue plan to be submitted for creditor approval next week, at Mining Weekly


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