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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Glencore    GLEN   JE00B4T3BW64

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Glencore : Former South Africa mines minister says Eskom tried to influence him

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05/16/2017 | 09:23am CEST

JOHANNESBURG (Reuters) - Former South African mines minister Ngoako Ramatlhodi said on Tuesday, without giving evidence, that power utility Eskom's CEO and chairman asked him in 2015 to suspend Glencore's mining licences to put pressure on the commodities firm to sell a coal mine.

Khulani Qoma, a spokesman for Eskom board's, denied the allegation, saying it was "devoid of logic".

Glencore in 2015 placed its Optimum coal mine under protection from creditors and later sold it to South Africa's Tegeta Exploration and Resources, a firm controlled by the Gupta brothers, who deny allegations they wield excessive influence over President Jacob Zuma.

"They (Eskom's CEO and chairman) insisted that I must suspend all the Glencore mining licences," Ramatlhodi told local media, adding he declined to give in to the pressure.

(Reporting by TJ Strydom; Editing by James Macharia and Mark Potter)

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Financials ($)
Sales 2018 233 B
EBIT 2018 11 326 M
Net income 2018 7 355 M
Debt 2018 20 901 M
Yield 2018 4,08%
P/E ratio 2018 10,71
P/E ratio 2019 11,91
EV / Sales 2018 0,42x
EV / Sales 2019 0,41x
Capitalization 77 365 M
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Mean consensus OUTPERFORM
Number of Analysts 23
Average target price 6,25 $
Spread / Average Target 17%
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Managers
NameTitle
Ivan Glasenberg Chief Executive Officer & Executive Director
Anthony Bryan Hayward Non-Executive Chairman
Steven F. Kalmin Chief Financial Officer
Peter Roland Coates Non-Executive Director
Leonhard Heinrich Fischer Independent Non-Executive Director
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