Business rescue practitioners of the Gupta-linked Optimum Coal Mine in Mpumalanga have started various processes to ensure that the business rescue remains viable following the decision of the Richards Bay Coal Terminal to suspend the mine’s use of its export entitlement.
RBCT alleged OCM was not meeting coal exporter requirements pertaining to clauses in the RBCT shareholder’s agreement. According to the practitioners' January 27 circular, the first process they have embarked on is launching urgent legal proceedings to interdict RBCT from preventing or interfering with OCT’s contractual rights to use the terminal. The application will be set down to be heard on February 6 2023.
The practitioners also said that they had reached out and met with the mini-pit mining contractors to ascertain whether they intended to maintain the current production levels at the mine, given RBCT’s decision or not.