Molefe formally terminated the settlement process between Eskom and Optimum on 10 June 2015, leaving the coal mine in limbo, Clinton Ephron testified.
Former Glencore CEO, Clinton Ephron, today put the blame squarely at the feet of former Eskom CEO Brian Molefe over how the Optimum Coal Mine was wrestled out of the global coal miner’s hands and handed over to the Gupta family.
The company wanted terms of the fixed-price CSA renegotiated so that it could make a profit, but instead Eskom hit Glencore with hefty penalties after demanding a refund on 16.5 million tonnes of coal it had bought and allegedly did not use from Optimum. Ephron said that after writing to Eskom in May 2015, Glencore was informed a few weeks later that Eskom was not willing to negotiate and the contract must continue in full force at its current form.
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