Liberty Coal has suspended the re-launch of Optimum Coal Mine (OCM), stating it is not “allowed” to export coal. Following a settlement deal with the National Prosecuting Authority (NPA) at the Pretoria High Court in January, Liberty Coal gained ownership of OCM and its coal export entitlement, Optimum Coal Terminal (OCT). It then began a process of renovating the mine which would be preceded by the grand re-opening scheduled for Friday, 8 March 2024. Liberty Coal said it halted the re-opening of the mine with its local communities and stakeholders because Richards Bay Coal Terminal’s apparent refusal to give OCT to them. “Unfortunately RBCT board – which represents its shareholders, all of whom are competing coal exporters to Liberty Coal, including Seriti, Thungela and Glencore – has refused to register Liberty Coal Terminal in its securities register, and accordingly allow it to export coal from the Optimum Mine through the RBCT terminal,” said Ulrich Bester, Liberty Coal director. “This is despite previously granted RBCT board approvals and the binding OCT business rescue plan, and is seemingly with the intent of delaying the successful re-opening of the Optimum Coal Mine. Any delay significantly prejudices the Optimum Mine, Liberty Coal and its employees, contractors and creditors.” Bester further said the only parties who stand to benefit therefrom are RBCT’s other shareholders, who continue to profit from their use of the allocated rail and port facilities that should now be available to Liberty Coal. “It is with real regret that, in the circumstances, it is necessary to postpone the planned re-opening event until the position is resolved through constructive dialogue or legal proceedings,” added. “We wish to apologise for any inconvenience caused and to thank the employees and local communities for their continued support.” Liberty Coal remains committed to OCM and its plans to refurbish and recapitalise the mine for the benefit of all stakeholders. “It is unfortunate that Liberty Coal’s competitors wish to delay any access to the crucial port allocation at RBCT historically held by OCT, whilst utilising imposing unreasonable conditions on Liberty Coal which can only be described as unfair, anti-competitive and/or oppressive. These conditions do not appear to have ever formed the basis upon which the previous RBCT board approvals were granted or discussed in relation to the implementation of the OCT business rescue plan, nor the basis of any previous engagements with RBCT,” he said We look forward to welcoming you back to celebrate the Optimum Mine and its future with us once the present situation has been resolved.”
