HomeCoalTegeta’s Optimum coal mine exits business rescue

Tegeta’s Optimum coal mine exits business rescue

This announcement was made by the mine’s business rescue practitioners (BRPs) – Piers Marsden and Peter van den Steen on Thursday.

Optimum coal mine was acquired by the Gupta-owned Oakbay Investments and its Tegeta subsidiary from Glencore earlier this year for R2.15 billion.

Marsden and Van den Steen have filed a notice of termination of the Business Rescue Proceedings with the companies and Intellectual Property Commission, which in accordance with the Companies Act 71 of 2008 terminates the business rescue proceedings.

They also have confirmed that the discharge of the company from business rescue does not affect the rights of the employees and trade unions.

“The termination notice ends all operational control of the BRPs over Optimum coal mine.”

Tegeta’s mine will however continue to trade under the management and control of the board of directors of Optimum coal mine.