News State mining boss faces the axe for bidding for Gupta mineAEMFC CEO Sizwe Madondo has been summoned to a disciplinary hearing so he can explain why he signed the mega deal behind the board’s back. Sizwe Madondo, the chief executive officer (CEO) of state mining company African Exploration Mining and Finance Company (AEMFC), allegedly went behind his board’s back and committed the company to buying a Gupta-owned coal mine for R1 billion. In it, AEMFC would partner with Lurco Coal Mine for an equal stake in Optimum mine. The company blamed the business rescue practitioners for not allowing it adequate time to have the funds transferred to South Africa. The Optimum Coal business rescue practitioners will announce the preferred bidder for the mine at the end of this month.

Source: News 24 January 13, 2020 17:48 UTC