Billionaire comes to the rescue for two Gupta mines

JOHANNESBURG- Entrepreneur Quinton van der Burgh says he plans to have two of the crippled Gupta mines financially stable in two months and increase coal production within six months.

The billionaire won a temporary contract to keep Optimum and Koornfontein mines running.

Van de Burgh company, Burgh Group Holdings will now act as a technical advisor to the mines.

Gupta companies have been struggling after various banks shunned them following allegations that the family used connections from former president Jacob Zuma to win contracts.

Optimum Coal mine and six others were put under administration and unable to operate after the lone lender left, Bank of Baroda were preparing to leave the country.

Louis Klopper bankruptcy-proceedings manager at Coronado Consulting Group said that the Gupta mines received other offers but Van de Burgh offer “came without conditions.”

He added, Burgh is “an ideal partner” to provide technical expertise and banking facilities and Van de Burgh added that his company has step in it the right time.

Photo Credit- TimesLIVE

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