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Reuters reported that Glencore Plc (LSE:GLEN) said Monday that it is planning to shutter its Collinsville colliery in Australia for three weeks amidst lower coal prices. The company will also cut a further 180 jobs from the mine.
Reuters reported that Glencore Plc (LSE:GLEN) said Monday that it is planning to shutter its Collinsville colliery in Australia for three weeks amidst lower coal prices. The company will also cut a further 180 jobs from the mine.
As quoted in the publication:
Collinsville produced 2.24 million tonnes of thermal coal along with some coking coal in 2014, according to Glencore data.
The world’s biggest thermal coal exporter, Glencore overall shipped 38.8 million tonnes from Australia in the first nine months of 2015.
A 43 percent fall in thermal coal prices over the past 26 months and a supply glut had contributed to Collinsville’s financial losses, it said.