Glencore: Ramaphosa not involved in day-to-day operations of Optimum Coal

Mining company Glencore confirmed President Cyril Ramaphosa had no direct involvement in the day-to-day operations of Optimum Coal Holdings (OCH) or Optimum Coal Mine (OCM).

Glencore said it has taken note of the concerns of its South African stakeholders with regard to the resolution of the Group’s US, UK, and Brazilian investigations.

Analysts on Monday said Ramaphosa’s close business ties with the commodities and oil producers could see him hauled before parliament to answer questions from opposition MPs.

However, Glencore said Ramaphosa is not involved.

“Mr Ramaphosa divested his entire interest in OCH on 22 May 2014 prior to him taking office as the deputy president and prior to his involvement with the Eskom War Room.”

“Mr Ramaphosa, therefore, had no interest in OCH following the conclusion of the Co-operation Agreement and during the period when CM/OCH were negotiating with Eskom regarding potential amendments to the Coal Supply Agreement with Eskom (CSA) and an extension to the CSA.”

“The suggestion that Glencore involved Mr Ramaphosa in the acquisition of OCH with a view to, or with the expectation of, leveraging Mr Ramaphosa’s influence to achieve amendments to the CSA, is false and baseless.”

ALSO READ: Glencore US scandal brings Ramaphosa’s ties into question

Glencore said there has been significant misinformation in the reporting regarding these resolutions.

“None of the investigations relate to our business in South Africa or our coal, ferroalloys or Astron businesses.

“We acknowledge the misconduct identified in these investigations and have clearly stated that this type of behaviour has no place in the Glencore of today.”

Regarding the allegations relating to Optimum Coal, Glencore said it cooperated fully with the Public Protector investigation and Zondo Commission into State Capture.

“Glencore denies any allegation of wrongdoing and the conclusion of both processes confirms this,” it said.

On Tuesday, the Economic Freedom Fighters (EFF) described Glencore as “a criminal syndicate, without any legitimate business where it operates – notably between 2007 and 2018, employing corrupt tactics throughout the world”.

ALSO READ: Arthur Frazer calls on Ramaphosa to tell the truth