Glencore says Eskom’s price increases threaten its smelter business and employment in SA

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Ivan Glasenberg doubts Glencore will be able to operate its smelters in SA if power utility presses ahead with price increases

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.

 

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