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Glencore To Cut Australian Coal Exports By 15 Million Tonnes
Feb. 26, 2015 06:23PM PST
Industrial MetalsFollowing a shutdown of its coal operations over Christmas, Glencore (LSE:GLEN) announced plans to reduce Australian exports by 15 million tonnes in 2015. Analysts still see both the thermal and metallurgical coal markets as very oversupplied.
Following a shutdown of its coal operations over Christmas, Glencore (LSE:GLEN) announced plans to reduce Australian exports by 15 million tonnes in 2015. Analysts still see both the thermal and metallurgical coal markets as very oversupplied.
As quoted in the press release:
Following our recent Australia wide coal production shutdown, we plan to reduce 2015 production by 15 million tonnes to more closely align our coal output with current customer demand.
Production initiatives will occur at a number of sites. These include some underground roster changes, the scaling back of some open pit mining activities and revisions to the product portfolio with the objective of tailoring both volumes and qualities to better match current market demand.
Glencore also stated that it will continue to review its coal operations in the prevailing economic climate.