Few companies are more exposed to the pitfalls of the country’s industrial policy than the unlisted coal miner. The ToCs will work with TRIM (the Transnet Rail Infrastructure Manager), which has been created to manage private-sector entrants to the Transnet Freight Rail (TFR) network. These concerns aside, the stage is set for Menar Ports & Rail, as Menar Group’s ToC is named. Menar has promised to invest up to $100m to reopen two of Khwelamet’s four furnaces, producing 250,000t/year for export. The 62 South African cents per kilowatt hour agreed conditionally between Eskom and SA’s ferrochrome producers, Samancor and Glencore, is an ideal model.