Power Markets
South African union vows fight job cuts after energy deal
The National Union of Mineworkers of South Africa vowed on Wednesday to fight against 'planned job cuts' at the ferrochromes smelter, Samacor. This could affect up to 2,400 workers despite an electricity price cut of more than 50% intended to prevent job losses. Eskom, the state-owned electricity provider, announced the price reduction for Samancor's and Glencore’s joint venture with Merafe Resources in late December after the distressed companies agreed to put off planned job cuts while negotiating with Eskom. The smelters are facing increasing competition from Chinese manufacturers, which has caused their electricity costs to increase tenfold. Samancor, on the...