‘Coal demand from Eskom to normalise’
Coal demand from State-owned power utility Eskom is expected to normalise, following low demand over the past few months, diversified miner South32 COO Mike Fraser said during a media call to discuss its interim results, on February 18.
He said the maintenance work being undertaken should result in an increase in coal demand.
South32 reported a 46% decline in profit after tax for the first half of the 2021 financial year, compared with the previous corresponding period, as revenues fell by 8%.
South32 noted that it was continuing to transform its portfolio, with its South Africa Energy Coal (SAEC) divestment progressing toward completion.
The company recently received approval from the Competition Tribunal of South Africa for the divestment and discussions with Eskom to meet the material outstanding conditions for the sale of SAEC are advanced.
Fraser also said that the company had been engaging with State-owned Transnet Freight Rail about the need to improve the performance of some of the rail lines.
While this does not pose an issue at present, he said South32 would continue to monitor that performance to ensure it did not result in a delay in coal exports.
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