Glencore's chrome joint venture in South Africa with Merafe declares force majeure

Glencore's chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.

FILE PHOTO: The logo of commodities trader Glencore is pictured in front of the company's headquarters in Baar, Switzerland, November 20, 2012. REUTERS/Arnd WiegmannLONDON: Glencore's chrome joint venture in South Africa with Merafe Resources has declared force majeure on qualifying contracts after a nationwide lockdown forced operations to shut, a Merafe executive said.

"All our operations are shut and are on care and maintenance. We have declared force majeure on qualifying contracts" Merafe financial director Ditabe Chocho told Reuters.South Africa, which has called a three-week lockdown to slow the spread of coronavirus, is the world's biggest producer of chrome ore, an essential ingredient in stainless steel. Last year the country supplied 83per cent of China’s imports.

The Swiss-based Glencore owns 79.5per cent of the Glencore-Merafe Chrome Venture, which has a total capacity of 2.3 million tonnes of ferrochrome per annum. Other South African chrome operators including Samancor Chrome and Tharisa have also declared forced majeure on contracts.

Singapore Latest News, Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Cricket South Africa won't reduce player salaries for 2020-21 seasonPlayer salaries for the South African 2020-21 cricket season are safe, but the long-term effects of the coronavirus pandemic could mean the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Cricket: South Africa won't reduce player salaries for 2020-21 seasonPlayer salaries for the South African 2020-21 cricket season are safe, but the long-term effects of the coronavirus pandemic could mean the ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Coronavirus fails to dampen South Korea's fever for exam successSEOUL: Choi Young-eun is so concerned about her teenagers' education as South Korea's schools stay shut that she has been sending them to a ... 💪🇰🇷
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

Renault says China, South Korea plants restarting after COVID-19 shutdownPARIS: French automaker Renault said on Monday (Mar 30) it was resuming production at two factories in China and South Korea after they were shut ...
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »

US, South Korea near tentative troop funding deal: YonhapSEOUL (BLOOMBERG) - The United States and South Korea have tentatively reached a military cost-sharing agreement, the Yonhap news agency reported, potentially ending months of bickering over the Trump administration's demands for a massive increase.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »

South African policeman arrested for murder amid coronavirus lockdownJOHANNESBURG (AFP) - South African police watchdog on Monday (March 30) said it was investigating one of their own for allegedly killing a man who defied coronavirus lockdown regulations.. Read more at straitstimes.com.
Source: The Straits Times - 🏆 8. / 63 Read more »