Glencore announces December mine shutdown

摘要

Glencore announced in November that it would reduce its coal exports by shutting down production across its Australian mines for three weeks from mid-December, according to the Swiss-based company's Australian unit. The miner said the closures would reduce output of thermal and coking coal by 5 million mt, which is roughly the equivalent of annual output from one of its Australian mines. The company said the move reduced the need to "push incremental sales into an already weak pricing environment." Contract shipments and commitments to its Japanese joint venture partners will not be affected by the stoppage. "We remain confident in demand growth for our products and believe that the supply and demand balance will be restored in the medium term," Glencore said.