Glencore Merafe Chrome Venture statement regarding the ferrochrome energy tariff and S189 process.

The Glencore Merafe Chrome Venture (“the Venture”) confirms that it has reached an important milestone in relation to the revised terms and conditions linked to the proposed 62c/kWh electricity tariff (“proposed tariff”) for the South African ferrochrome industry and the associated S189 process.

The Venture has received formal communication from Eskom’s Board confirming the revised terms and conditions linked to the proposed tariff, which the Venture has provisionally accepted, subject to certain clarification points and conditions. This development represents a significant and positive step forward in ongoing efforts to support ferrochrome beneficiation in South Africa.

The Venture acknowledges and appreciates the constructive engagement and support of Eskom, government, and the relevant unions throughout this process. From the outset, the Venture has remained committed to sustaining local beneficiation, protecting jobs, and supporting the long-term viability of its operations and the communities in which it operates.

Final acceptance remains conditional upon the wider ferrochrome industry agreeing to the final terms and conditions and subsequent approval by the National Energy Regulator of South Africa (“NERSA”). Eskom’s submission of the proposed tariff and revised terms and conditions to NERSA brings the industry closer to achieving a more sustainable operating environment.

Given the significance of this matter for employees, communities, and the broader ferrochrome sector, the Venture requests that the regulatory process be treated as urgent, with a target of completion within 30 days.

To align with the regulatory timeline, the termination date of the S189 process has been extended to 11 May 2026.

The Venture remains committed to transparent engagement and will continue to provide updates as further information becomes available. Safeguarding jobs and ensuring the long-term sustainability of ferrochrome operations remain the Venture’s highest priorities.