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JOHANNESBURG – Barloworld Equipment has confirmed the application for the liquidation of the Optimum Coal Mine has been withdrawn.

The company says it has received payment of a portion of the outstanding amount invoices from Gupta-owned company, Tegeta.

According to a statement released by Barloword, Tegeta, which owns the Optinum Coal Mine agreed to pay a portion of the outstanding amount, “under protest’.

The balance would be placed in an attorneys’ trust account pending a determination by an independent auditor.

Barloworld applied to the high court to liquidate Optimum.

It is understood the debt runs into millions of rands.

Tegeta claims it inherited a disputed balance with Barloworld, when it purchased the mine in April.

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