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Glencore to shut Australian coal mines temporarily

Glencore (LSE: GLEN) says it plans to shut down its coal operations in Australia for three weeks starting from mid-December due to slack demand and weak prices.



Glencore (LSE: GLEN) says it plans to shut down its coal operations in Australia for three weeks starting from mid-December due to slack demand and weak prices.

The Swiss-based mining and commodities trading firm and Australia’s biggest coal exporter said the move will cut about 5.0 million tonnes of its coal output from an oversupplied market.

“This is a considered management decision given the current oversupply situation and reduces the need to push incremental sales into an already weak pricing environment,” Glencore reported in a news release.

Glencore is the world’s largest producer of seaborne thermal coal and has interests in about 20 coal mines across 13 mine complexes in Australia.

Read the complete article at NorthernMiner.com/news/glencore


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