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Concern about lack of disclosure of Eskom, Tegeta arbitration details

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Mining
Mining

Cape Town - Eskom is seeking permission from Tegeta Resources, owner of the Optimum coal mine, to make details of its recent independent arbitration settlement public, according to a statement by the Department of Public Enterprises.

The arbitration stems from a coal quality dispute dating from when Optimum was still owned by Glencore and under contract to supply Eskom's Hendrina power station.

Glencore claimed the price it was paid by Eskom was less than the operating costs of the mine. Eskom, on the other hand, was not happy with the quality of coal supplied and indicated it will enforce a penalty of R2.2bn in terms of its agreement with Glencore.

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