Department of minerals welcomes Gupta plans to sell mining business

The Department of Mineral Resources has welcomed news that the Gupta-owned Oakbay Investments plans to sell Tegeta Exploration and Resources.

Oakbay said on Wednesday the mining business would be sold to Swiss-based Charles King SA for R2.97 billion.

The department said it was pleased to hear of Oakbay's "undertaking to save employees' jobs in Tegeta's various operations".

"The Department continues to work with all stakeholders on the stability and sustainability of the industry‚ and welcomes all initiatives by current and potential investors to curb job losses.

"The purchaser has committed to a minimum level of 30% BEE compliance. The transaction will be concluded in line with provisions in the Mineral and Petroleum Resources Development Act."