Guptas’ Oakbay signs coal-export deal at premium to Eskom prices

September 8, 2016

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Oakbay Investments, owned by the Gupta family, signed a contract to export power-plant coal at a premium to what it gets from South Africa’s electricity utility, CEO Nazeem Howa said. “We signed our first export contract this week,” Howa said on a conference call Thursday. “The value of the export contract came in at close to R150/t ($11/t) more than the highest price we’re getting from Eskom,” he said, referring to the country’s State-owned power producer that uses coal for the bulk of its generation.

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