Gupta Family Tries to Raise $73 Million for Uranium Project in South Africa

The Gupta family, a South African family with close ties to President Jacob Zuma, is looking to raise $73 million for a uranium mining company in northwest South Africa.

According to Bloomberg:

Shares of Oakbay Resources & Energy Ltd., which owns 74 percent of Shiva Uranium, will begin trading on the Johannesburg Stock Exchange Nov. 28, the company said today in a statement. South Africa is planning to produce as many as 9,600 megawatts, about a quarter of installed capacity now, using nuclear power by 2030.

A statement from Oakbay Resources & Energy Ltd. read:

“In anticipation of the expected increase in demand for uranium, the company is in the process of commissioning a definitive feasibility study on its mineral deposits with a view to raising additional capital. At least 800 million rand will be required to bring optimum uranium production online.

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