Guptas intend listing uranium mine on JSE

2014-11-22 11:35
Ajay and Atul Gupta. (Muntu Vilakazi, City Press)

Ajay and Atul Gupta. (Muntu Vilakazi, City Press)

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Johannesburg - The controversial Gupta family, who has close ties with President Jacob Zuma, intends listing a uranium mine on the Johannesburg Stock Exchange (JSE) to raise R800m, the Beeld newspaper reported on Saturday.

On Friday the Guptas would list their energy company Oakbay Resources and Energy on the JSE to raise the R800m from investors for the development of the Dominium uranium mine.

Oakbay Resources owns Dominium, and  Zuma's son Duduzane, was a director in one of the companies owned by Oakbay Resources.

This comes after the news last month that South Africa would embark on a large nuclear power programme.

The family's holding company Oakbay Investments said in a statement on Friday that it was conducting a feasibility study in light of the expected increase in demand for uranium.

News24's partner site, Fin24, in September reported that the energy department had declined to comment on a Mail & Guardian report that Zuma took control of a R1 trillion nuclear deal, negotiated directly with Russian President Vladimir Putin, and instructed Energy Minister Tina Joemat-Pettersson to sign it.

The deal includes to build nuclear reactors in South Africa. Some details of the co-operation agreement - to supply as many as eight nuclear plants generating up to 9.6GW of power - were announced in joint statements by the energy department and Russia's atomic energy corporation, Rosatom.

Read more on:    jse  |  jacob zuma  |  russia  |  energy  |  nuclear

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