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Moneyweb reports that according to Glencore-Merafe Chrome Venture, it started issuing formal retrenchment notices and offering voluntary severance packages on Monday, after failing to secure competitive electricity tariffs in order to continue operations.
Merafe Resources owns 20.5% in the joint venture, with Glencore owning the rest. In a statement on Monday, Glencore-Merafe said it received a proposal from Eskom regarding electricity tariffs on 28 November. While the proposal is still subject to further approval processes, it will only allow for the continuation of the Lion smelter but does not provide a sustainable solution for the long-term viability of the Boshoek and Wonderkop smelters in Rustenburg. In the absence of a viable solution, the Boshoek and Wonderkop smelters will be placed on care and maintenance from 1 January 2026.
Trade union Solidarity reported in September that nearly half of Glencore’s 22 furnaces had been permanently or temporarily shut. A total of 2,425 direct jobs and more than 17,000 indirect jobs are at risk if the remaining furnaces are closed. Glencore-Merafe has a special tariff from Eskom, but that is insufficient to keep its smelters operating. The JV advised that it remained committed to engaging with all stakeholders through the retrenchment and restructuring process and was looking at options to safeguard jobs and maintain operational sustainability.
- Read the full original of the report in the above regard by Ciaran Ryan at Moneyweb
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