Big support for black-owned Lurco R500m bid to take over Gupta mine | IOL Business Report

JOHANNESBURG – Black-owned diversified commodities business group Lurco has made a R500 million bid for Koornfontein Mine, one of the entities linked to the controversial Gupta family.

Group chief executive Ellington Nxumalo on Monday told Business Report that Lurco had received overwhelming support from creditors to take over the mine.He said the company had long-term supply contracts with Eskom and international off-takers that it planned to see through. “Lurco has been looking at the Koornfontein asset for just under two years and has employed credible and reputable partners to assist with a robust due diligence of the mine in order to bring it up to full production.

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