Glencore Merafe Chrome Venture statement regarding Eskom's review of ferrochrome energy tariff and S189 process

The Glencore Merafe Chrome Venture (“the Venture”) hereby confirms the latest progress regarding the proposed 62 c/Kwh tariff for the South African ferrochrome industry (“the tariff ”).

The tariff has been approved in principle by Eskom, and the current focus remains on finalising the associated terms and conditions of the tariff, to ensure that the commercial arrangements are workable, financially sustainable, and operationally viable for both Eskom and the Venture .

As part of this process, Eskom’s internal governance approvals are still underway. Given the strategic importance of the decision, these are taking longer than initially anticipated. Eskom has therefore formally requested a one -week extension to conclude the process.

Given the importance and urgency of achieving a viable outcome, the Venture has agreed to extend the ongoing Section 189 process until 7 April 2026.

The Venture welcomes the progress made to date and remains confident that a balanced and workable solution can be reached. Engagement with Eskom, Government and all relevant stakeholders will continue to ensure that a sustainable resolution is achieved as soon as possible.