The assets would be Project Halo’s first entry into coal mining, although individual directors have a wealth of experience in mining, finance, shipping and general logistics, it said.
Directors Mbongiseni Duma, Buckley, Julian Kidd and Nkanyiso Buthelezi hold 40% shares in the company, while 20% is in the hands of an A-rated financial institution which provided initial funding. The rest is split among workers, community, women’s groups and other investors, according to the statement.
The consortium said it was focused on “going through the final stage of the process with the creditors and then [would] immediately hit the ground running, paying particular attention to the workers”.
According to a Bloomberg report, Halo would also provide R600m financing over the next six months to ensure continued business at the Tegeta operations in Mpumalanga province and the Richards Bay Coal Terminal, according to the term sheet.
Optimum supplied coal to Eskom, and the awarding of the tender was embroiled in allegations that it did not not follow proper processes.
The new owners of the mine said their focus would shift to restoring mining operations to a normal state; addressing concerns and issues with clients, including Eskom; and settling outstanding balances with creditors, among other key issues.