The Department of Mineral Resources has been duly informed by Oakbay Investments of the effective sale of its Tegeta Exploration and Resources business to another company. The Department welcomes the 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.

 

Issued by the Department of Mineral Resources