Glencore bets on Transnet turnaround after impairing R11bn from SA coal business
Commodities group ‘encouraged’ by state entity’s new leadership team’s efforts to improve rail operation performance
08 August 2024 - 05:00
Commodities major Glencore, which has impaired R11bn in its SA coal business due to logistics constraints and low thermal coal prices, says it is “encouraged” by moves being made by Transnet’s new leadership team in turning the performance of the state-owned entity around.
In its interim results released on Wednesday, the group said a combination of subdued coal prices and logistical woes in SA, would impair $661m (R11bn) in the SA coal business — more than the $597m revenue the business raked in the period under review...
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