G'day Aussie
Exxaro has too kinds of operations.
1. Tied operations with Escom, where Escom contribute opex and capex. These operations are Matla & Arnot (both in Mpumalanga province), which not the RES coalfield. I have calculated Exxaro's share of the opex is AUS$20 per tonne. I have emailed Exxaro again to clarify this.
2. Commercial operations, which appears to be msotly Grootegeluk in Limpopo province near RES but also other operations. I have calculated costs before interest and tax are $22 per tonne. We can add $1 a tonne for interest for RES.
If we discount the other lower tonnage Exxaro operations, I would say RES can mine for at most AUS$20 a tonne and probably less.
HOWEVER, the revenue Exxaro is receiving is lower than I would expect. I have emailed for clarification.
I phoned RES and asked what revenue they expect from ESCOM and they said they have no idea. (lol...disconcerting).
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