Glencore May Walk Away From South Africa Smelter Talks
Glencore may reject a South African power discount deal over unfavorable terms. The move puts 1,500 jobs at risk as the firm struggles with high costs.
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The ferrochrome division of Glencore plc has warned it may walk away from negotiations with the government of South Africa regarding a discounted electricity package. The company indicated that the conditions attached to the proposed rescue deal are currently unfavorable, which could lead to the closure of its loss-making smelters.
