TOP TEN RICHEST BLACK SOUTH AFRICANS | EDITORIAL
Name: Michael Solomon Teke Born: 15 August 1964 Nationality: South African Alma mater: University of Limpopo, University of Johannesburg, University of South Africa Occupation: Chief Executive Officer at Optimum Coal Holdings Net worth: R682-million
Mike Teke C o m i n g f r o m h u m b l e b e g i n n i n g s h a s m e a n t t h a t s u c c e s s h a s n o t s p o i l e d M i k e Te k e . P a r e n t l e s s i n h i s y o u t h , h e w a s r a i s e d b y h i s g r a n d m o t h e r a n d t h e w i s d o m s h e s h a r e d w i t h h i m h a s s t u c k w i t h Te k e f o r h i s w h o l e l i f e , a n d he often attributes his success to her advice.
EARLY LIFE While growing up his grandmother imparted the age old saying, ‘early to bed and early to rise makes a man healthy, wealthy, and wise’. It is a motto that he admits still living to, to this day. He reportedly arrives at work by 6am every day, a routine that he has carried on from the pattern he adopted very early on in life. He was apparently just as diligent while studying for his Bachelor of Education degree from the University of Limpopo. After completing an additional Bachelor of Arts at the University of Limpopo, he went on to complete an Honours degree from the University of Johannesburg and an MBA from the University of South Africa. HOW HE MADE HIS MONEY Despite the vast fortune he has earned in his career, the ethics he learned from his grandmother, and his steady climb up the corporate ladder, have never left him. He has an impressive CV of former employers including BHP Billion, Samancor Manganese, Elida Ponds, Bayer, and Impala Platinum. He is currently the Vice President of the Chamber of Mines.
Teke has a keen eye for value, which resulted in him purchasing a 55 percent stake in the Vlakfontein prospecting rights in the Ermelo area after identifying the potential value of coal. This is currently the Vlakfontein greenfield development project owned by Optimum Coal, the company he purchased, along with four like-minded investors, in 2008. In two years Optimal Coal had grown in value to be worth R2.7 billion. Teke attributes this success to the purchase of Optimal Coal at a favourable time, just before the resource reach R150 per ton. This and the fact that they used the money wisely to invest in company infrastructure has seen the company consistently return good profits. This is a fact that will please all of Optimum’s employees, who own just short of 10 percent of the shares currently in issue for the company. His career in human resources has ensured that he knows how to keep his staff happy. Further evidence of Teke’s humble ways can be seen by the three year investment Optimum Coal has undertaken to fund a comprehensive HIV/Aids testing and educational programme at all of its mining operations. This programme encourages employees and local communities to know their status and live responsibly.
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