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Glencore starts "business rescue" at South Africa coal unit

Reuters - UK Focus

JOHANNESBURG, Aug 4 (Reuters) - Glencore (Xetra: A1JAGV - news) has begun a business rescue process at its South African coal unit due to "unsustainable financial hardship" in supply agreements with power utility Eskom, the company said on Tuesday.

Glencore, which also planned to cut jobs, has been supplying coal to the state-owned utility for less than the cost of production, the company said in a statement. (Reporting by Zandi Shabalala; Editing by Joe Brock)