Glencore’s S.Africa unit considers shutting coal mines - CNBC Africa

Glencore’s S.Africa unit considers shutting coal mines

Mining

by Reuters 0

The slump in coal prices has been driven by slower demand, among other things. PHOTO: Wikipedia

This after export prices fell.

Optimum said in a statement the closures would reduce its overall production by at least five million tonnes per annum and that 1,070 employees may lose their jobs.

The slump in coal prices has been driven by slower demand due to a milder-than-usual winter in the Northern Hemisphere as well as a deluge of cargoes from the United States.

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