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Glencore's positive experience with the South African government, Nagle remarked, extended well beyond the ferrochrome discussions, which are themselves showing all the signs of enabling competitiveness.
"My experience with the South African government has been positive across the board. We have challenges, not only in ferrochrome. We have challenges with Astron. We have challenges in the coal business," Nagle said response to journalist questions.
"They're receptive, they're open, they understand, they're smart, they're supportive. If they can't solve the problem, it gets moved to someone who can solve the problem. I really enjoy the interactions and they're certainly far more constructive and better than some other countries that we operate in," said Nagle, who spoke of Glencore continuing to be "very pro" South Africa.
"We believe South Africa's a great country to invest in" and if the right opportunity arise, Glencore will invest more.
Lion Smelter in Steelpoort, Limpopo, achieved its first ferrochrome production tap on February 16, following the successful recommissioning of 50% of its operating capacity. That follows the approval by the National Energy Regulator of South Africa of a 12-month interim electricity tariff of 87.74c per kWh.
The Glencore-Merafe Chrome Venture anticipates that Lion will return to full operational capacity by March 31.
While the interim 87.74c per kWh tariff enables Lion to return to full operational capacity in the short term, it remains insufficient to support sustainable operations over the long term.
The same position applies to Boshoek or Wonderkop smelters. All three smelter operations would require a tariff of 62c per kWh to operate on a commercially sustainable and viable basis over the long term.
Engagement with all relevant stakeholders is under way while initiatives designed to compete with a very challenging global market environment are implemented to protect jobs, support local economies and secure the future of South Africa's ferroalloys industry.
In response to a question on whether that would level the playing field with competitors, Fullard said: "It will definitely put us back into the ring, so that means that we'll definitely then have a fighting chance.
"But is that going to be enough? We will definitely have to do additional work we are not going. To think outside the box, do investments in technology. We're also looking at our own business, making sure that we're not only competitive from an electrical perspective, but also sharpening our pencil," said Fullard while pointing out that it is
not only the government that must provide help on the electricity side, but that "we, as a company, must also look at ourselves.
"So, definitely yes, that will bring us into a fighting ring, but that's only the start," Fullard reiterated.
GOOD 2025 PERFORMANCE
Meanwhile, In Wednesday's preliminary results report, Nagle hailed 2025 as a year of significant progress, marked by a strong operational performance, continued portfolio optimisation and clear momentum for the London- and Johannesburg-listed company's copper-led growth strategy.
Glencore is targeting 1.6-million tonnes of copper annual production by 2035, supported by capital-efficient copper growth options.
Wednesday also saw the announcement of the finalisation of a land access package in the Democratic Republic of Congo that is destined to add 300 000 t of copper production a year.
Also, for the second consecutive year, Glencore met full-year production guidance for key commodities.
"Glencore's standalone investment case is strong. Our regularly updated, illustrative annualised free cash flow generation at spot commodity prices, is currently a very healthy $7-billion.
"We have a well-diversifi...

South African govt ‘very supportive, great to work with’, Glencore highlights

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