Glencore announced on the 4th of August 2015 that Optimum Coal in South Africa has commenced rescue proceedings. Optimum Coal (67% owned by Glencore) is contracted to supply 5.5Mt per year to following a 1993 agreement with South Africa's power generator Eskom. Since that time, Optimum has continued to supply coal to their power plants even though this contract has proven to be financially unsustainable. What is needed to guarantee Optimum's supply?
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Inform | Aug 2015
Can Glencore and Eskom secure Optimum's future?
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