Glencore’s S.Africa unit considers shutting coal mines

by Reuters 0

Glencore’s South African coal unit, Optimum Coal Mines said it may close some of its mines in the African nation.

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.