A black-owned South African mining group, Lurco, is buying the Gupta family’s Koorfontein mine, Netwerk24 reported on Monday morning.
The bankrupt mine in Mpumalanga is owned by the Guptas’ Tegeta Exploration and Resources, a unit of Oakbay Investments. It used to supply coal to Eskom, but has not been operational for some time. Employees last received salaries in November 2018
Lurco was established in 2010 by businessmen Ellington Nxumalo and Aubrey Chauke. One of its largest projects is a coal beneficiation contract with Australian miner South32.
Lurco has until later this week to settle the R500m bid. Louis Klopper, the business rescue practitioner tasked with dealing with some of the Gupta companies, told Netwerk24 that a foreign-owned financier, who is supporting Lurco’s bid, has transferred a part of the money last week. The rest needs to be settled by 24 October.
If that doesn’t happen, another company, Black Royalty Minerals (BRM), will buy Koor
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