Glencore Merafe Chrome Venture renews fuel supply agreement with Astron
The Glencore Merafe Chrome Venture, a joint venture (JV) between Merafe Resources and Glencore Operations South Africa, has concluded a renewed supply agreement with energy company Astron Energy that extends to July 31, 2030.
Astron currently supplies and delivers diesel and petrol to Glencore’s South African sites, including the JV operations with Merafe.
The fuel supply agreement, which resulted from a fuel supply tender procurement process in which Astron was selected as the preferred supplier, has been in place since January 2020. This agreement has been amended, extended or supplemented from time to time.
Merafe says fuel products are integral to the day-to-day operations of the JV, with the operations using about 8.9-million litres of diesel a year.
The maximum aggregate value of fuel products under the new fuel supply agreement attributable to Merafe is limited to R365-million, which represents 13% of the company’s market capitalisation, in accordance with the notarial pooling and sharing agreement between Merafe and Glencore.
Merafe and Glencore formed the JV in July 2004 to pool their chrome operations, creating the largest ferrochrome producer in the world.
The operations include the Helena, Magareng and Thorncliffe chrome mines, on the eastern limb of the Bushveld Complex, as well as the Waterval and Kroondal chrome mines near Rustenberg on the western limb of the Bushveld Complex.
The JV’s smelters – Boshoek, Wonderkop and Rustenburg – near Rustenburg use Outokumpu technology while the Lion and Lydenburg smelters near Steelpoort and Lydenburg, respectively, use Premus technology.
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