Koorfontein Mines, one of the entities linked to the controversial Gupta family has been sold to black-owned private trading company Lurco.
JOHANNESBURG - Koorfontein  Mines, one of the entities linked to the controversial Gupta family has been sold to black-owned private trading company Lurco.

Lurco was named the winning bidder of the mine on Friday and has five days in which to settle the purchase. 

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Lurco was co-founded by businessman Ellington Nxumalo, who is also its chief executive while Aubrey Chauke is chief operating officer.

Lurco has five days in which to settle the R500 million purchase price for the asset. 

Louis Klopper, one of the  Business Rescue Practitioners (BRP) for the Gupta companies said today he was grateful for the sale.

“It has been a long road because of the interference and court cases,” he said.

Klopper  said that Optimum Coal Mine’s business plan would be published in the next two weeks.

Lurco is one of the potential buyers for Optimum.

Koornfontein, the Mpumalanga based mine supplied coal to Eskom before going into business rescue last year following state capture allegations at Gupta linked Tegeta Resources and Exploration.

Optimum and Koornfontein were forced into business rescue under its Gupta-linked owner Tegeta Resources & Exploration.

The   mines were acquired by Glencore, the diversified global mining company in Glencore in 2012.

Koorfontein is a shareholder within the Richards Bay Coal Terminal, with a 1.5-million-ton annual coal export entitlement, it also has three processing plants, two railway sidings, and a rapid load-out facility.

Koorfontein Mines, one of the entities linked to the controversial Gupta family has been sold to black-owned private trading company Lurco. File Photo: IOL
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