Stake in coal export terminal sold

TEGETA sold its stake in the country’s largest coal export terminal to a consortium that included commodities trader Vitol and the Burgh Group for an undisclosed sum, the acquiring companies said on Friday. The Gupta family, which controls Tegeta, said last month that it would dispose of all stakes it held in South African businesses before the end of the year. Tegeta, through its Optimum Coal Terminal unit, holds a 7.61 percent stake in the Richards Bay Coal Terminal, which can export 91 million tons a year. “A consortium comprising Burgh Group Holdings and Vitol has agreed to acquire Optimum Coal Terminal from the Tegeta Group for an undisclosed sum,” Vitol said. The Burgh Group had other mining interests in South Africa and produced about 500 000 tons of coal per month, which it said was set to grow to more than a million tons of coal per month by mid-2017. – Reuters