MTN exec considered bid for Anglo American project: report
Correction
An earlier versions of this story has been corrected to show that interested parties including those related to Sipho Maseko, and Jabu Mabuza, did not submit formal bids
The headline and first two paragraphs have been corrected to accurately reflect the above.
The initial headline read: Telkom, MTN execs bid for Anglo American project: report
Anglo American’s New Largo project has attracted interest from several parties as the company forges ahead with plans to scale down operations in South Africa.
Citing two people familiar with the process, Bloomberg on Monday reported that MTN Group chairman Phuthuma Nhleko’s Phembani Group considered bidding, while separate groups that included Telkom CEO, Sipho Maseko, and Jabu Mabuza, the telco’s chairman, also considered buying Anglo coal assets including a package that previously included New Largo.
The paper said that Seriti Resources Holding, which have already agreed to purchase thermal coal mines from Anglo American, is also among the bidders.
One source said that the bids are in the R1 billion range, while significant investment would be required to develop the mine.
Bloomberg said that the sale, which is expected to take up to four months, would help complete Anglo’s exit from businesses that provide coal to Eskom.
MTN paid Nhleko a R72.2 million salary for the 2016 financial year, despite the group posting a first-ever annual loss in its 22-year history.
Nkhleko drew a salary as chairman, as well as for when he took over as executive chairman to guide MTN through its Nigeria crisis.
Nhleko is the chairman and co-founder of the Pembani Group, which merged with Shanduka Group, creating a business with a portfolio value in excess of R9 billion.
According to reports, Nhleko has assets amounting to R1.74 billion.
Read: Anglo American offloads Eskom-linked coal operations for R2.3 billion
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