Rail Halt Is Further Drag on Sliding South African Coal Exports [BNN Bloomberg (Canada)]
GLENCORE PLC UNSP/ADR (GLNCY)
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Source: BNN Bloomberg
Coal exports were forecast to drop to 50 million tons in 2022 from 58 million in 2021, Minerals Council South Africa estimated before the Nov. 8 derailment. The incident was the latest disruption to freight in the country, with repeated halts and snarls costing the mining industry billions of rand in revenue. The North Corridor route to the Richards Bay Coal Terminal remains shut after efforts to clear the line were stymied by extortion and violence, according to Transnet SOC Ltd. The state-owned rail company has cleared almost a hundred wagons, but force majeure remains in place and operations won't resume until all spilled coal and debris are removed, it said in a statement on Monday. The derailment occurred after “threats and disruptions” by groups looking for work, according to Transnet. Crews trying to clear the line were then forced to leave after a group known as the Ulundi Business Forum, which had demanded contracts, resorted to violence, the company said Friday. “Secu
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