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Exxaro Won’t Bear Loss From Medupi Delay, Financial Mail Reports

Feb. 29 (Bloomberg) -- Exxaro Resources Ltd. shareholders won’t bear any loss in value because of delays of at least a year in the Medupi power plant, Financial Mail reported, citing Chief Executive Officer Sipho Nkosi.

Exxaro’s contract with Eskom Holdings SOC Ltd. to supply coal to Medupi from May is on a take-or-pay basis and South Africa’s electricity utility will have to pay for the coal whether it’s used or not, the Johannesburg-based magazine said.

To contact the reporter on this story: Stephen Gunnion in Johannesburg at sgunnion@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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