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