Coal miner Liberty Coal’s wholly-owned subsidiary, Liberty Coal Terminal, has accomplished the acquisition of Optimum Coal Terminal’s (OCT’s) complete shareholding curiosity within the Richards Bay Coal Terminal (RBCT).
OCT is a subsidiary of Optimum Coal Mine (OCM). Liberty Coal acquired the enterprise, belongings and compromised liabilities of OCM, which was in enterprise rescue, in February.
The acquisition is in step with the OCT enterprise rescue plan adopted in January 2022, following registration of Liberty Coal Terminal as the brand new proprietor of OCT’s shares in RBCT.
Which means that Liberty Coal Terminal is now a registered shareholder of RBCT and OCT is now not a shareholder of RBCT.
This follows on from the profitable registration within the Mining Titles Workplace on the finish of October of Liberty Coal as the only real and unique holder of all mining rights referring to the Optimum Colliery advanced, beforehand held by OCM.
These mining rights have now been consolidated right into a single registered mining proper after a complete reconciliation of all of the properties over which such rights had been granted in 2008.
The formal recognition of Liberty Coal Terminal as a shareholder in RBCT is likely one of the remaining steps within the implementation by the Liberty Coal group of the interlinked adopted enterprise rescue plans of OCT and OCM, and a key ingredient in securing the restoration of the Optimum mine to its former place as a serious producer and exporter of coal and a key contributor to the financial growth of Mpumalanga and the broader South African mining trade.
Liberty Coal mentioned on December 12 that it was assured that, with the persevering with assist of the various stakeholders within the Optimum Mine, Liberty Coal might proceed with its development plans as a major contributor to employment alternatives and financial exercise inside the larger Steve Tshwete municipal area and to the South African fiscus.
