Seriti, set up by four companies to create a 79% black-owned resources company, has edged out more than 20 other interested parties to be selected as the buyer of Anglo American's thermal coal mines supplying Eskom.
As a CEO in his first public outing, Teke did not hold back on outlining the strategy for Seriti, saying the R2.3bn deal to buy three operating coal mines and four closed mines from Anglo was just the start of Seriti's ambitions to become SA's mining champion.
Teke is no stranger to coal, having served as the founding CEO of Optimum Coal in 2008 when BHP Billiton hived off coal assets and listed them on the JSE as part of an empowerment deal. He has worked at Impala Platinum and Ingwe Collieries as head of human resources, a position in which he would have dealt directly with employees and between the workforce and the management.
Teke, raised by his grandmother in KwaThema on Johannesburg's East Rand, has a string of degrees including a Bachelor of Education from the University of Limpopo, a BA from the University of Johannesburg and an MBA from the University of SA.
"I have always yearned for greatness in everything I associate myself with," he said in a recent speech as president of the Chamber of Mines.
"If we follow the right approach, our advocacy will take us in a direction that is to the benefit not only of the industry alone but, on balance, to the benefit of our society more broadly," he said.
Since his appointment as vice-president of the chamber in 2011 and, as president in 2013, Teke is said to have had a major role in giving the industry lobbying body a more muscular and outspoken role in setting the agenda for the sector. In his new CEO role, he will have to manage the expectations of the four companies that are the anchor shareholders in Seriti and bring employees and communities into the company as shareholders, a difficult balancing act that will draw on his human resources experiences.
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