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Oakbay’s Tegeta must still pay R2bn penalty for poor coal - Eskom

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Cape Town - The R2bn penalty for poor quality coal imposed on Optimum - which has since been acquired through the Gupta-owned firm Tageta - would remain in force and payable, Eskom maintained on Tuesday.

The Eskom board, which concluded a two-day meeting in which the state utility’s key performance targets were assessed, deemed it important to address what it termed "the perennial issue of the Hendrina coal contract" with Optimum Coal Mine.

The mine, which supplies 5.5 million tons of coal annually to the Hendrina power station, was recently given the go-ahead to be sold to Tegeta Exploration & Resources, after concluding a conditional R2.15bn transaction to buy all of the assets of Optimum.

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