Glencore Cuts Output, Jobs at Aussie Coal Mine as Prices Tumble
- Producer to cut 180 out of 230 jobs at Collinsville mine
- Glencore cites financial losses at mine during the year
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Glencore Plc, the world’s biggest shipper of power-station coal, is cutting production and more than three-quarters of the jobs at a mine in Australia’s Queensland state after a plunge in prices.
The company will start cutting by March about 180 of 230 jobs at the Collinsville coal mine, Glencore said Monday in an e-mailed statement. The mine is taking further steps to reduce production, though the company didn’t give a number. The Swiss company said earlier this year that it would cut annual output at Collinsville by 2 million metric tons to 2.8 million tons.