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Seriti in pole position for South32’s SA coal assets

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Should a deal ultimately be concluded, Seriti Resources would be catapulted into the position of SA’s second-largest coal producer

Mike Teke’s Seriti Resources has emerged as the exclusive bidder for South32’s SA coal mines, the Australia-listed miner announced on Thursday.

Seriti is headed by Teke, who was formerly CEO of Optimum Coal, and it owns Anglo American’s old Eskom-tied coal mines. An exclusivity agreement gives Seriti the space to negotiate a sales agreement without the interference from external parties. Beyond that, the deal could still take another six months to a year to conclude while the parties obtain the necessary approvals from Eskom, the department of mineral resources and energy, and the competition authorities.

 

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