Eskom’s Koko in Twit­ter row with Exxaro

The Star Early Edition - - BUSINESS REPORT -

ESKOM act­ing chief ex­ec­u­tive Mat­shela Koko yes­ter­day took to Twit­ter to voice his dis­plea­sure with di­ver­si­fied re­sources group Exxaro’s move to re­duce its em­pow­er­ment own­er­ship from more than 50 per­cent to 30 per­cent. In Novem­ber last year, Exxaro an­nounced a new black eco­nomic em­pow­er­ment (BEE) scheme after the ex­piry of the pre­vi­ous em­pow­er­ment scheme’s 10-year lock-in pe­riod. But Exxaro’s de­ci­sion has raised eye­brows be­cause of Eskom’s coal pro­cure­ment pol­icy, which re­quires all the mines that sup­ply coal to its power sta­tions to have a black own­er­ship tar­get of more than 50 per­cent through­out the life of the mine. Un­til Novem­ber 28 BEE en­tity Main Street 333 owned 50.19 per­cent of Exxaro. “So Exxaro de­cides to show (Eskom) a fin­ger in­stead of rad­i­cally trans­form­ing and has no de­cency to even en­gage on this mat­ter,” Koko tweeted. Soon after Exxaro’s an­nounce­ment of its mooted em­pow­er­ment scheme, Eskom said it would seek a meet­ing with Exxaro “in an ef­fort to un­der­stand how they plan to com­ply with the 50 per­cent-plus pol­icy re­quire­ments.” – Siseko Njobeni

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