14th Nov 2014 06:59
LONDON (Alliance News) - Glencore PLC is to close its Australian mines on a temporary basis due to the excessively supply of thermal coal that has pushed prices down to multi-year lows, Reuters reported on Friday.
The shutdown will last for three weeks, Reuters reported.
The reported quoted the following Glencore statement: "This is a considered management decision given the current oversupply situation and reduces the need to push incremental sales into an already weak pricing environment."
http://uk.reuters.com/article/2014/11/14/glencore-coal-australia-idUKL3N0T382Q20141114
By Samuel Agini; [email protected]; @samuelagini
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