The mining giant, that shut down its coal production for three weeks during the Christmas period, announced today it will cut its 2015 coal exports by 15 million tonnes.
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At the same time it is being reported the company will be cutting 120 jobs.
In an ABC report it states the company confirmed the full-time positions were going but would not give details as to where, saying it was still in consultation with staff.
No doubt the low price for coal ( $US66/tonne) now sitting at less than half the price it was during the boom period in 2011 was one of the main reason for the company's decision.
Glencore's annual production was 80 million tonnes in 2014.
In their press release today the company said following our recent Australia wide coal production shutdown, we plan to reduce 2015 production by 15 million tonnes to more closely align our coal output with current customer demand.
Production initiatives will occur at a number of sites. These include some underground roster changes, the scaling back of some open pit mining activities and revisions to the product portfolio with the objective of tailoring both volumes and qualities to better match current market demand.
In addition to the direct operational changes we will defer some projects and ensure that inventory management and blending are optimised.
We will continue to review all our coal operations in the prevailing economic climate. Regulatory approvals for projects will continue to be progressed to provide us with future optionality, but remain subject to final investment approval.