JOHANNESBURG (miningweekly.com) – A consortium comprising investment company Burgh Group and energy group Vitol has agreed to acquire Optimum Coal Terminal (OCT) from Gupta-owned Tegeta for an undisclosed sum.
OCT has a 7.61% shareholding in the Richards Bay Coal Terminal (RBCT).
The Burgh Group comprises a range of businesses, but its core focus is mining and industrial companies, notably in the coal sector. Its interests include coal mining, marketing and mining equipment. Burgh Group companies produce 500 000 t/m of coal, with production to grow to over one-million tonnes of coal a month by mid-2017.
The acquisition of the shareholding in RBCT will facilitate the expansion of Burgh Group’s export business, targeting overseas markets for coal, while working with Vitol’s established coal team.
Burgh Group’s coal operations employ 600 employees. As the business expands, it is anticipated that this will grow to over 1 000 by March 2017.
CEO Quinton van der Burgh said this was a major step forward for the Burgh Group. “It will enable us to invest confidently in expanding our business and developing new and existing projects. We look forward to working with our partners, customers and stakeholders in this exciting phase of the company’s development.”
RBCT could not immediately be reached for comment.
Edited by: Chanel de Bruyn
Creamer Media Senior Deputy Editor Online
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