Glencore Unit Cancels Job Cuts After Power Price Deal
Merafe Resources has halted plans to lay off 1,500 workers after South African regulators approved a 54 percent reduction in electricity tariffs for the ferrochrome sector. The discounted rates aim to stabilize operations and support a phased restart of smelters previously closed due to high costs.
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MERAFE RESOURCES LTD and GLENCORE PLC cancelled plans to cut 1,500 jobs in South Africa after securing lower electricity prices. The move follows a 54% reduction in power tariffs to 0.62 rand ($0.0382) per kilowatt hour for the ferrochrome sector. South African smelters faced electricity costs that rose tenfold since 2008, leaving only 11 of the country's 66 smelters operational.
