for subscribers

Eskom won't budge on coal deal with Glencore: CEO

Share your Subscriber Article
You have 5 articles to share every month. Send this story to a friend!
(iStock)
(iStock)

Johannesburg - Eskom will not pay Glencore's SA unit more than R150 a tonne when a temporary coal contract ends on November 30, says the utility's chief executive, Brian Molefe.

"A contract is a contract," Molefe told Reuters in an interview on Tuesday, referring to the agreement Eskom has with Glencore's Optimum mine.

Under that contract, Optimum provides Eskom with 10 million tonnes a year at R150 a tonne, a rate the company says is less than the cost of production.

There’s more to this story
Subscribe to News24 and get access to our exclusive journalism and features today.
Subscribe
Already a subscriber? Sign in
ZAR/USD
16.58
(+0.82)
ZAR/GBP
21.38
(+1.01)
ZAR/EUR
19.49
(+0.59)
ZAR/AUD
11.92
(+0.51)
ZAR/JPY
0.16
(+0.87)
Gold
1904.95
(+0.92)
Silver
23.74
(+1.72)
Platinum
897.00
(+0.75)
Brent Crude
42.12
(+1.78)
Palladium
2310.00
(+0.76)
All Share
54446.78
(+0.34)
Top 40
50159.14
(+0.23)
Financial 15
10158.72
(+0.86)
Industrial 25
73766.43
(+0.79)
Resource 10
53032.08
(-0.66)
All JSE data delayed by at least 15 minutes morningstar logo
Company Snapshot
Voting Booth
Do you think it was a good idea for the government to approach the IMF for a $4.3 billion loan to fight Covid-19?
Please select an option Oops! Something went wrong, please try again later.
Results
Yes. We need the money.
11% - 1404 votes
It depends on how the funds are used.
73% - 9099 votes
No. We should have gotten the loan elsewhere.
16% - 2002 votes
Vote