Mike Teke: Mining magnate with a bright future

Mike Teke: Mining magnate with a bright future

- Mike Teke has worked his way to the top with hard work and determination

- He has a keen understanding of the challenges which face the mining industry

- His vision for Seriti Resources is to grow it into one the continents largest mining companies

Mike Teke, the CEO of Seriti Resources has recently led his team in concluding a major acquisition. Seriti Resources has bought Anglo American's Eskom tied thermal coal mines for a whopping R2.3-billion.

In 2013 Mike Teke's net worth was estimated at $64-million (R816-million).

Briefly.co.za learned that Teke was born in a small town in Springs called KwaThema in 1964. He acquired an MBA from Unisa and started his career as a teacher in 1990.

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In 1992 he joined Lever Ponds and eight years later moved to BHP Billiton where he rapidly rose through the ranks to the position of vice-president if human resources at Ingwe Collieries.

In 2005 he was appointed the head of human resources at Impala Platinum. When Optimum Coal was formed in 2007 it was a 71% black-owned company. Teke was one of its shareholders. When Optimum was listed on the JSE three years later Teke was CEO of the company.

Optimum supplied Eskom with coal but the contract soon became more a liability for the company. Optimum was eventually sold to Tegeta Mining and Resources which was owned by the Gupta family.

As the vice-president of the Chamber of Mines Teke has become increasingly outspoken when facing the pressures that confront the mining industry.

"There is a commitment and will, from our side, to transform, but it is not a flat easy thing to do as some black partners will sell their stake to make money while other empowerment shares are underwater". He said to the then mining Minister Ngoako Ramatlhodi in 2014.

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Teke's vision for Seriti is to continue its upward trajectory and has expressed his interest in acquiring the New Largo colliery owned by Anglo among other mines with the vision of creating a large mining company.

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Source: Buzz.briefly.co.za

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