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Mineweb reported that Glencore plc (LSE:GLEN) plans to cut coal exports from its Australian mines to ensure that the mines stay in profit.
Mineweb reported that Glencore plc (LSE:GLEN) plans to cut coal exports from its Australian mines to ensure that the mines stay in profit.
As quoted in the market news:
The world’s biggest exporter of coal for power stations said it would cut exports by 15 million tonnes. It will carry out the reductions by scaling back some open pit mining, revising its product mix and deferring some mine projects to ensure output meets demand in terms of quality and volume.
The company stated:
We will continue to review all our coal operations in the prevailing economic climate.