Glencore could sell its troubled Optimum coal mine
- Published on 3 Dec 2015
- HR Pulse News Desk
Reuters reports that Glencore’s struggling Optimum colliery, which is currently embroiled in a dispute over the price of coal with power utility Eskom, could be sold off.
A spokesperson for the business rescue practitioners said. "All the options were on the table but at the moment, they are looking to spearhead one specific option and hopefully that will be made apparent soon." Optimum and Eskom are at odds over the price of coal with the utility refusing to pay more than $150/t of the fuel. Optimum maintains that this rate is less than the cost of production. The administrators said Glencore would continue to fund its troubled mine and supply Eskom with coal until the impasse with Eskom has been resolved
Source: SA Labour News
