Optimum Coal Mine is set to supply Eskom with coal again after its business rescue practitioners secured R1billion in funding to resume operations. Kurt Knoop and Johann Louis Klopper, who were appointed as rescuers in February 2018, told Business Report last week that they had accepted an offer from an investor. Knoop said the investor would provide funding and post commencement finance to resume operations before the end of the month. He said negotiations between the business rescuers and Eskom management for coal supply were at an advanced stage and both parties would be signing agreements soon.
The developments come as Eskom battles intermittent power cuts across the country, which have forced the utility to implement stage 4 load shedding to stabilize the grid.
The National Union of Mineworkers Highveld regional chairperson Nelson Ratshoshi said the union welcomed any funding that would revive operations at Optimum.