Jump to content
House Price Crash Forum
Sign in to follow this  
interestrateripoff

Glencore Shuts Down Coal Mines For Three Weeks

Recommended Posts

http://www.smh.com.au/business/mining-and-resources/glencore-shuts-down-coal-mines-for-three-weeks-20141114-11mhp2.html

Australia's biggest coal exporter Glencore will suspend its Australian coal business for three weeks in a move never before seen in the Australian market, to avoid pumping tonnes into a heavily oversupplied market at depressed prices.

Glencore surprised the market on Friday by saying it would shut its Australian coal business for three weeks, starting mid-December, shaving about 5 million tonnes of output.

Staff will forced to take three weeks paid annual leave as a result of the suspension. Glencore has 13 Australian mine complexes, including about 20 mines and employs about 8000 staff.

Demand for coal dropping around the globe?

Luckily we aren't in the midst of a global depression.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   218 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.