Glencore Merafe Chrome Venture statement regarding conclusion of terms and conditions of the NPA with Eskom.

The Glencore Merafe Chrome Venture (“the Venture”) is pleased to confirm that it has successfully concluded the detailed terms and conditions of the Negotiated Pricing Agreements (“NPAs”) with Eskom, giving full effect to the previously approved 62c/kWh tariff (“tariff”) for the South African Ferrochrome industry.

The conclusion of the NPAs enables the restart of the Boshoek and Wonderkop smelters, marking a critical step in stabilising and rebuilding the Venture’s smelting operations.

The revised NPAs provide a stable three-year electricity pricing framework, enabling greater operational flexibility and supporting the sustainable operation of the Venture’s smelters.

This milestone reflects the outcome of extensive collaboration between the Venture, Eskom, National Electricity Regulator of South Africa (NERSA), government, organised labour and other key stakeholders. It also reinforces a shared commitment to ensuring the long-term sustainability and competitiveness of South Africa’s ferrochrome industry.

The Venture remains focused on executing a safe restart while advancing a sustainable path forward for its operations and the broader sector.