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.
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