AGPPF - Glencore Amplats to team with South Africa in $1.5B water project plan
2023-07-14 10:17:27 ET
Glencore ( OTCPK:GLCNF ) ( OTCPK:GLNCY ) and Anglo American Platinum ( OTCPK:ANGPY ) are among mining companies working with South Africa's government on a 27B rand (~$1.5B) water project to supply platinum and chrome operations and several hundred thousand people with drinking water, Bloomberg reported Friday.
The companies involved in Lebalelo Water Users Association are in talks with ~10 local and international banks for funding the project, which stretches for more than 100 miles across northeast South Africa, CEO Bertus Bierman told Bloomberg.
The plan is unprecedented in South Africa where nearly all water infrastructure has been led by the state; after years of neglect and mismanagement, the government is seeking investment in infrastructure and help in running operations.
The project will be rolled out in phases and Price Waterhouse Coopers will arrange the funding, Bierman said.
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Glencore, Amplats to team with South Africa in $1.5B water project plan