Glencore statement regarding the status of its Ferrochrome and Vanadium operations and S189 process in South Africa

Glencore Ferroalloys (''Glencore'') confirms that the significant economic pressures facing its South African Ferrochrome and Vanadium operations continue, with production at the Ferrochrome smelters operated by the Glencore Merafe Chrome venture remaining suspended. Whilst we continue to focus on identifying and implimenting measures to mitigate the very weak operating environment , these will only take effect once the external environment significantly improves, which is unlikely to be in the near to medium term. 

As a result, Glencore confirms that it has commenced with a S189 process ("process") in terms of the Labour Relations Act with effect from 1 September 2025. It is important to note that the process is not a forgone conclusion. A notice has been sent to all recognised unions, afffected employees and other stakeholders. They are invited to engage on issues pertaining to the process, including all posible alternatives, appropriate measures to mitigate all effects of the process, possible redeployment and alternatives such as voluntary separation packages. 

This process will affect the following sites: The Boshoek and Wonderkop Smelters in Rustenburg as well as the Rhovan Vanadium Operations near Bethanie and its Carbon Division in Emalahleni. In addition, Glencore envisages reducing the Lion Smelter in Steelpoort to half of its operating capacity. 

As part of this process, Glencore will also proceed with further streamlining and restructuring of support functions within the Minning division, at Rustenburg and Lydenburg Smelters, Head Office and Shared Services functions as anticipated. 

Glencore remains firmly committed to working collaboratively with all relevant stakeholders. Throughout this process, Glencore has maintained a transparent and inclusive approach, actively engaging with stakeholders, particularly its Union leadership and its employees, and will continue to do so as part of its ongoing commitment to constructive dialogue and shared progress. 

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