Glencore, the diversified miner headed by SA-born billionaire Ivan Glasenberg, has said Eskom’s price increases are a threat to the future of its smelting business, which employs thousands in the country.
“For us as a smelting division that is quite a huge cost,” Japie Fullard, the head of the group’s ferro-alloys assets, said. “If these type of increases are going to push through, we are going to struggle even further and I can’t see that we will be able to operate our smelters in that type of price environment.