Seriti assumes management of SAEC assets

Seriti Power, under the leadership of CEO Mike Teke, has officially assumed management of the South African coal business previously owned by South32. The entity, now known as Seriti Power, is poised to play a critical role in ensuring a stable power supply in South Africa. The acquisition faced some delays primarily related to regulatory approvals, but Teke affirms that the challenges have been successfully navigated. The company is now focused on leveraging its position to not only benefit its own operations but also the nation as a whole. With a plan to increase efficiencies and expand export markets, Seriti Power aims to uphold its commitments to both the South African power grid and global energy demands. Teke acknowledges the environmental impacts of coal mining and emphasizes Seriti's proactive stance towards transitioning to cleaner energy sources. The company is exploring opportunities in renewable energy and is committed to responsible environmental practices. Financial support from the acquisition deal has been earmarked for obligations such as rehabilitation and environmental liabilities, with a strategic approach in place for capital utilization. While the need for financial assistance may not be immediate, Seriti Power is already assessing areas that require urgent attention to ensure optimal use of the available resources.