Exxaro Resources may have lost as much as R2 billion in export sales as a result of the Transnet wage strike and derailment on the coal export line.
In an operational update on Thursday, the coal miner said it lost out on half a million tonnes that would have been railed to and shipped out of the Richards Bay Coal Terminal, had it not been for a two-week wage strike at Transnet which was followed by almost another two weeks of disruptions owing to a derailment on the Transnet Freight Rail North Corridor.
Using an estimated benchmark export coal price of $271 a tonne in 2021, and an average exchange rate of R15, News24 calculates that Exxaro may have lost as much as $135.5 million, or over R2 billion, in sales as a result of just these two disruptions in the current financial year, which ends in December.Get 14 days free to read all our investigative and in-depth journalism. Thereafter you will be billed R75 per month.
_Business Where’s the coal going? China? They can burn it but we can’t 😇
_Business No one cares about corporate profits.. 🤷🏾♂️
Philippines Philippines Latest News, Philippines Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
WATCH: SA’s cement industry crumbling under challengesBusiness Day TV speaks to Business Day energy writer Denene Erasmus
Source: BDliveSA - 🏆 12. / 63 Read more »