Liberty Coal completes acquisition of Optimum Coal Terminals’ RBCT shares
Coal miner Liberty Coal’s wholly-owned subsidiary, Liberty Coal Terminal, has completed the acquisition of Optimum Coal Terminal’s (OCT’s) entire shareholding interest in the Richards Bay Coal Terminal (RBCT).
OCT is a subsidiary of Optimum Coal Mine (OCM). Liberty Coal acquired the business, assets and compromised liabilities of OCM, which was in business rescue, in February.
The acquisition is in line with the OCT business rescue plan adopted in January 2022, following registration of Liberty Coal Terminal as the new owner of OCT’s shares in RBCT.
This means that Liberty Coal Terminal is now a registered shareholder of RBCT and OCT is no longer a shareholder of RBCT.
This follows on from the successful registration in the Mining Titles Office at the end of October of Liberty Coal as the sole and exclusive holder of all mining rights relating to the Optimum Colliery complex, previously held by OCM.
These mining rights have now been consolidated into a single registered mining right after a comprehensive reconciliation of all the properties over which such rights were granted in 2008.
The formal recognition of Liberty Coal Terminal as a shareholder in RBCT is one of the final steps in the implementation by the Liberty Coal group of the interlinked adopted business rescue plans of OCT and OCM, and a key element in securing the restoration of the Optimum mine to its former position as a major producer and exporter of coal and a key contributor to the economic development of Mpumalanga and the broader South African mining industry.
Liberty Coal said on December 12 that it was confident that, with the continuing support of the many stakeholders in the Optimum Mine, Liberty Coal could continue with its growth plans as a significant contributor to employment opportunities and economic activity within the greater Steve Tshwete municipal region and to the South African fiscus.
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