Liberty Coal, which acquired the business, assets and compromised liabilities of Optimum Coal Mine (Pty) Limited (in business rescue) (OCM) in February 2024, is pleased to announce completion of the acquisition by its wholly-owned subsidiary, Liberty Coal Terminal (RF) (Pty) Limited (Liberty Coal Terminal), from Optimum Coal Terminal (Pty) Limited (in business rescue) (OCT) of its entire shareholding interest in Richards Bay Coal Terminal (Pty) Limited (RBCT) pursuant to the business rescue plan of OCT adopted in January 2022, following registration of Liberty Coal Terminal as the new owner of OCT’s shares in RBCT.
In summary, 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 2024 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 – historically seen as key national asset – to its former position as a pre-eminent producer and exporter of coal and a vital contributor to the economic development of the Mpumalanga region and the broader South African mining industry.
Liberty Coal, its management, staff and stakeholders, have worked tirelessly over the past 10 months to achieve these most important milestones in its vision to rebuild the Optimum Mine. This would not have been possible without the extensive proactive engagement and support extended to Liberty Coal by many role players in the industry, including RBCT’s management, the National Union of Mineworkers, the Mpumalanga Action Movement, the local community, and the Department of Mineral and Petroleum Resources, and for this Liberty Coal thanks all who have assisted it on what has been a long and convoluted, but ultimately successful journey since the OCM business rescue plan was duly adopted in September 2020. Looking forward, while recognizing there is much work still to be done, Liberty Coal is confident that with the continuing support of the many stakeholders in the Optimum Mine, Liberty Coal will 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.
