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MEDIA STATEMENT

Eskom sets the record straight on its dealings with Glencore


Sunday, 06 November 2016: The recent media reports that quoted Glencore as
vehemently denying that it had ever proposed coal price increases of more than R300 per
ton to Eskom cannot go unchallenged. It is unfortunate that Glencore has suggested that
Eskom has lied about Optimum Coal Mine wanting to increase the coal prices to R570 per
ton.
Following failed attempts by Optimum to renegotiate and extend the coal supply
agreement for the Hendrina Power Station at prices higher than the R150 per ton
contractual agreement, Optimum later proposed a compromise deal. In terms of the
proposed deal, the coal supply agreement to the Hendrina power station would be
renegotiated at R300 per ton until 2018, and thereafter be extended to 2023 at R570 per
ton.
In a letter dated 30 June 2015, Optimum said: The base price for the first period and
second period shall be escalated on each anniversary of the base date in accordance with
a price adjustment factor which is to be calculated in accordance with an escalation table
to be agreed between Eskom and Optimum.
In another letter dated 17 September 2015, when Optimum was under business rescue,
they proposed a price increase of R630 per ton and a coal supply agreement extension
until 2023.
In that letter, the business rescue practitioners proposed a coal price increase of R443 per
ton with effect from 1 October 2015 to 31 December 2018. Thereafter the price would
increase to R630 per ton until 2023.
Eskom was not involved in the sale agreement between Glencore and Tegeta. All Eskom
was interested in was to ensure that the new owners were aware that the coal prices,
volumes and quality would not be renegotiated or compromised, and that the penalties
imposed on Optimum would not be waivered. Nothing has changed since then even
though Optimum Coal Mine is under new management.
ENDS

Issued by: Eskom Media Desk


Tel:
+27 11 800 3304/3343/3378
Cell:
+27 82 805 7278
Fax:
086 664 7699
Email:
mediadesk@eskom.co.za

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