In what is seen as a significant move, majority black female owned entity, Beryl Group, has acquired Africoal’s stake in Eyethu Coal. This now effectively makes the group the 100% shareholder in Eyethu Coal.
Beryl Group is a Pan-African diversified investment company, focusing on strategic proprietary investments. It holds equity interests in a balanced portfolio of medium and large capitalised companies spanning across three core sectors: logistics and rail, coal, and financial services.
READ MORE ARTICLES ABOUT COAL
In order to expand the mining footprint of the group, Beryl Coal was established. Beryl Coal is a majority black female owned entity with its strategic vision being to obtain various reserves and continue supply to the local market with a view to expand to the export market.
READ MORE ARTICLES ABOUT SOUTH AFRICA
With annual revenues exceeding R3 billion, Beryl Group’s coal platform will provide the prospect of economic stimulus by adding an estimated 2 000 more jobs throughout its several mining operations.
Acquisition part of group’s strategic vision
Eyethu Coal was established in 2004, and the company has constantly explored the Mpumalanga region of South Africa for new coal reserves, thus ensuring the future sustainability and ability of the company to supply coal into designated markets. Eyethu produces in excess of 4 million tons of coal annually, adding to an already existing strong Beryl Coal portfolio. Further capital injection is planned to optimise the assets and increase the life of the mines.
The Eyethu acquisition adds greatly to the larger strategic vision of the group’s coal platform, opening up a solid and expansive coal export business for Beryl Group.
Beryl Group chairman Neverl Kambasha commented, “Our decision making is derived from our ability to add value in every opportunity and transaction we engage in. The acquisition of Eyethu Coal positions us in good stead to tilt the scales in coal mining as we further cement our position as a key player in the sector.
Eyethu Coal is already a large supplier of coal locally, as well as a major supplier of A Grade coal into the export market. Eyethu has six operational mines with expansion plans for several new operations under development.