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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

GLENCORE

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Glencore, Merafe could cut up to 665 jobs at South African smelter

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01/20/2020 | 03:09am EST
FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar

Joint venture partners Glencore and Merafe Resources could cut up to 665 jobs at their Rustenburg ferrochrome smelter in South Africa because of problems including power cuts and rising electricity tariffs.

The potential job cuts highlight the risks posed to Africa's most industrialised economy by struggling state power utility Eskom, which is battling breakdowns at its creaking coal-fired power plants and is mired in a financial crisis.

Some mining and metals companies say steep tariff increases granted to Eskom over the past decade now threaten the viability of their operations.

Merafe said in a statement on Monday that it had started consultations with workers.

"The consultation process is as a result of deteriorating operations and market conditions across the South African ferrochrome industry, including unsustainable electricity tariffs and interruptions, cross subsidies and real cost inflation," Merafe said.

"Despite significant investment to make the operation more competitive, the Rustenburg Smelter has suffered material financial losses which are expected to continue for the foreseeable future."

Shivani Chetram, a Glencore spokeswoman, said there could be 665 job cuts but the outcome of the consultations was not yet clear.

The Rustenburg smelter has an operational capacity of around 430,000 tonnes of ferrochrome a year.

(Reporting by Alexander Winning; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
DOW JONES AFRICA TITANS 50 INDEX -1.68% 505.1 Delayed Quote.-4.82%
DOW JONES SOUTH AFRICA(ZAR) -1.79% 1685.61 Delayed Quote.-5.01%
GLENCORE -1.37% 203.55 Delayed Quote.-11.43%
MERAFE RESOURCES LIMITED -7.41% 0.5 End-of-day quote.-5.66%
S&P AFRICA 40 INDEX -0.97% 156.88 Delayed Quote.-6.22%
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Financials (USD)
Sales 2020 219 B
EBIT 2020 4 668 M
Net income 2020 2 377 M
Debt 2020 32 848 M
Yield 2020 6,46%
P/E ratio 2020 14,6x
P/E ratio 2021 11,6x
EV / Sales2020 0,31x
EV / Sales2021 0,28x
Capitalization 35 762 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 3,49  $
Last Close Price 2,71  $
Spread / Highest target 58,6%
Spread / Average Target 28,7%
Spread / Lowest Target -49,7%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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