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Dubai’s DSA leads bid for mines once owned by South Africa Guptas

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DSA Investments manages assets worth more than $10 billion and Nehawu Investment has assets worth more than ZAR 3 billion.

Wednesday 18, September 2019

Dubai’s DSA Investments has teamed up with two South African companies to bid for coal assets that Glencore was pressured into selling to a company controlled by the politically connected Gupta family in 2015, reported Bloomberg.

Orchid Mining, a unit of DSA, owns 49 per cent of the venture making the bid and the balance is held by the Smada Group and Nehawu Investment Holdings, which invests funds on behalf of the National Education, Health and Allied Workers’ Union.

Yusuf Adams, the founder of Smada, said, “I see the opportunity in the coal industry, partnering with DSA is an opportunity for Smada.”

Tegeta Exploration & Resources, which owns the coal mines and was controlled by the Gupta family and a son of former South African President Jacob Zuma, became embroiled in controversy because of corruption allegations around its supply contracts with power utility Eskom Holdings.

Its assets include the Optimum coal mine, the Koornfontein Colliery and a share in Richards Bay Coal Terminal, which allows it to export the fuel. Port access for coal producers in South Africa is a prized asset.

 

TAGS : DSA Investments, Orchid Mining, Smada Group, Nehawu Investment Holdings, Gupta family, former President Jacob Zuma, Glencore

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