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Updated · Bloomberg · Jun 1Glencore Venture Cancels Job Cuts After Winning Lower Power Tariffs in South Africa
5 articles · Updated · Bloomberg · Jun 1
- Glencore’s South African ferrochrome venture withdrew from the Section 189 process, scrapping planned job cuts after regulators approved cheaper electricity tariffs.
- Friday’s tariff decision by the National Energy Regulator of South Africa helped the smelting business avoid losses, removing the immediate pressure to cut staff.
- The venture said the move is another step toward stabilizing operations and advancing a phased restart of the business.
South Africa saved one industry with cheap power. Why is its last manganese smelter being left to face collapse? Is the multi-billion rand deal for chrome producers a sustainable fix or just a costly bandage for South Africa's energy crisis?