Ramatlhodi withdraws Glencore mine suspension | Fin24
 
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Ramatlhodi withdraws Glencore mine suspension

Aug 07 2015 15:53

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GLENCORE PLC [JSE:GLN]

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Last Updated: 01/01/0001 at 12:00. Prices are delayed by 15 minutes. Source: McGregor BFA

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Johannesburg - Mines Minister Ngoako Ramatlhodi on Friday conditionally withdrew his suspension of the licence for Glencore's [JSE:GLN] Optimum Coal Mine, following consultations with the firm, his spokesperson said.

"The company engaged on the issues of concern which resulted in the minister suspending their operating licence. There is consensus to remedy the issues of concern," Mahlodi Muofhe told Reuters.

Muofhe did not give details of the conditions set for Optimum Coal to resume operations.

Ramatlhodi on Tuesday ordered Glencore to suspend all operations at the coal mine, citing the "inhumane" way it planned to carry out job cuts.

Glencore said it had complied with all legal requirements relating to job cuts, including consultation with the government and unions for an extended period of time.

The company announced in July it would cut 380 jobs at Optimum and shut part of the mine due to lower coal prices. This week it said the mine's finances were strained as it was supplying Eskom with coal at prices lower than the cost of production.

READ: Glencore to cut 380 jobs at SA coal mine

ALSO READ: Glencore blames Eskom deal for Optimum woes


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glencore  |  ngoako ramatlhodi  |  mining  |  companies
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