Post by Billionaires.Africa Inc.

Glencore, the Swiss commodities giant led by South African executive Gary Nagle, is in talks with South Africa’s government to keep its smelters alive as rising electricity costs threaten thousands of jobs. The company’s local unit, Glencore Alloys, operates a joint venture with Merafe Resources that converts chrome ore into ferrochrome, a key ingredient in stainless steel. But soaring power prices and unreliable supply have left operations struggling to compete with cheaper producers in China. Glencore has already shut some smelters while continuing to pay workers, a strain costing billions of rand. CEO Gary Nagle and local chief Japie Fullard will meet Electricity Minister Kgosientsho Ramokgopa this week to discuss possible solutions. 💬 Check the comments for the full story.