Most of the South African workforce is back at work from 1 June, with mines able to operate at full capacity. However, stringent safety requirements are in place to test for Covid-19.
Across the globe however, suppliers are warning of delays to procure equipment, potentially delaying projects hoping to expand.In the current oversupplied market, that is probably a welcome factor.
Meanwhile, the recent “Banking on Climate Change 2020” report found that 26 of 35 major global banks analysed now have policies restricting coal finance. The largest Chinese banks (ICBC, BOC, CCB and ABC) remain the largest coal funders by far, with others such as Citi, Barclays and Bank of America also funding coal projects.
On Sunday President Ramaphosa sounded bullish about interventions underway at Eskom. "All these are being done in the proper way, and with proper consultation" he said.
The president will soon announce the names of the SOE Council, who will advise government on the way forward with SOEs, he said. Eskom is meanwhile expecting significant power demand increases from this week forward although coal stock levels remain healthy and well managed.