South Africa’s Anglo American Platinum (Amplats) said on Monday that it lost 14,000 platinum ounces last week when state power firm, Eskom, implemented a five-day power cut.
Amplats Chief Executive Officer Chris Griffith said in Johannesburg that the firm was considering building a 100 megawatt solar power plant to forestall a future occurrence.
Griffith said that the power plant would be built at its Mogalakwena operations’ site.
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However, South Africa’s rand firmed on Monday as the previous week’s rout over the electricity blackout eased.
The rand in early trading was 0.07 per cent firmer at 14.0600 per dollar compared to Friday’s close of 14.0700 in New York.
Since the resumption of nation-wide power cut by state power utility, Eskom, last Monday, the rand has lost close to five per cent.
A firming dollar, as Washington and Beijing looked close to sealing a trade agreement, has also put pressure on the currency ahead of the annual budget on Wednesday where the finance minister is expected to unveil a rescue package for Eskom.
Bonds were also firmer, with the yield on the benchmark paper due in 2026 down two basis points to 8.86 per cent.
Eskom imposed a fifth day of power blackouts on homes and businesses on Thursday, helping to drive the rand to a six-week low.
It said in Johannesburg that the cut was due to a shortage of coal and breakdowns.
Eskom, which supplies more than 90 per cent of the country’s power, is technically insolvent, the government said. (NAN)
