Glencore to Shut Australian Coal Mines for Three Weeks
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Glencore Plc, the world’s biggest exporter of power-station coal, will stop production at its Australian mines for three weeks as prices languish at a five-year low.
The decision to halt operations starting in mid-December will rein in output in Australia by about 5 million metric tons, the Baar, Switzerland-based company said in a statement today. That’s equal to about 6 percent of Glencore’s Australian coal production last year.