Gold Mining News Hubb
Advertisement
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us
No Result
View All Result
Gold Mining News Hubb
No Result
View All Result
Home Gold News

TFR lifts force majeure on coal line to Richards Bay following November 10 derailment

admin by admin
November 26, 2022
in Gold News


TRANSNET Freight Rail (TFR) has lifted the force majeure on its North Corridor line that routes coal from mines in the Mpumalanga and Limpopo provinces to Richards Bay.

This follows the derailment of a 97 fully laden coal train on November 8 – an event that was preceded by community threats, the government-owned company said. The force majeure was in effect for 15 days.

The derailment, which occurred between Bloubank and Nhlazatshe stations, caused “massive damage” to infrastructure and rolling stock, said TFR. This required the closure of both lines and negatively affected the service from the mines to Richards Bay “hampering the performance of contractual obligations by Transnet and coal export parties”, it said.

Although the lines were reopened on November 19, TFR said it was not in a position to resume normal services at full capacity as “certain critical restoration works” remained outstanding.

“The recent assessment of the site indicates that the normal resumption of services on the coal line can be immediately phased in,” it said in a statement Friday. “Accordingly, the force majeure declared on November 10 was lifted today.”

The derailment led to logjams on Richards Bay’s roads as exporters sought to transport goods by truck.

It remains to be seen if the event, following a two week strike at TFR holding company, Transnet in October, will damage the company’s chances of achieving 60 millons tons (Mt) in coal deliveries for its 2022/23 financial year, ending March 30.

“We have not revised the 60Mt,” said Ali Motala, managing executive for the North Corridor at TFR (Transnet Freight Rail) in October. As per its contract terms with customers, TFR grades its performance from April to March 2023.

The Minerals Council calculated that including the effects of the strike, as well as Transnet logjams, the country would suffer annualised revenue losses of R50bn this year, 43% more than R35bn last year. This covers losses on revenue of iron ore, coal, chrome, ferrochrome and manganese exports.

It said that R151bn could be gained in additional exports, with the concomitant benefits of employment in mining increasing by 40,000 jobs to 500,000, the fiscus benefiting from improved tax revenue and higher revenues for Transnet if all rail and ports systems were optimally and efficiently run at design capacity.



Source link

Previous Post

Positioning Angola as a Regional Energy Hub

Next Post

Nickel firm Lygend looks to fetch $470m in Hong Kong listing

Next Post

Nickel firm Lygend looks to fetch $470m in Hong Kong listing

Recommended

Excellon to acquire La Negra Mine in Mexico for $50m

January 10, 2023

Naamsa Receives 9 Proposals for EV Charging Network in South Africa

October 17, 2022

Don't miss it

Gold News

EFCC arrests bank official over alleged hoarding of new naira notes

February 6, 2023
Mining News

Football’s Big Game: Charting Super-Sized Bets (2013-2022)

February 6, 2023
Mining News

China’s development of Russian mine

February 6, 2023
Gold News

Sibanye-Stillwater studying start-up in nuclear reactors as signals return to dealmaking

February 6, 2023
Gold News

First Abuja International Marathon to hold in April

February 5, 2023
Mining News

The Top Online Music Services in the U.S. by Monthly Users

February 5, 2023

gold mining-66

© 2022 Gold Mining News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • Gold News
  • Mining News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • Gold News
  • Mining News
  • Contact us

© 2022 Gold Mining News Hubb All rights reserved.