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Glencore Xstrata Places Ravenswood on Care and Maintenance
Mar. 28, 2014 09:28AM PST
Industrial MetalsReuters reported yesterday that low coal prices have pushed Glencore Xstrata plc (LSE:GLEN) to suspend operations at its Australia-based Ravenswood mine.
Reuters reported yesterday that low coal prices have pushed Glencore Xstrata plc (LSE:GLEN) to suspend operations at its Australia-based Ravenswood mine.
As quoted in the market news:
The move underscores the plight of coal miners operating in Australia, including AngloAmerican, BHP Billiton and Rio Tinto, which have closed mines and cut staff in recent months to combat worsening conditions.
A Glencore spokesman said it was no longer financially viable to operate the Ravensworth mine owing to a combination of lower prices, high production costs, a strong Australian dollar and geological constraints in future mining areas.
The mine produced 2.1-million tonnes of semi-soft coking coal in 2013 and will be placed on care and maintenance once work on a longwall section is completed in September, according to the spokesman.
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