Swiss-based mining giant Glencore will suspend several coal mines across the Hunter Valley in New South Wales for at least two weeks as the coronavirus pandemic and Chinese government policies to avoid Australian coal cargoes hit demand for the commodity.
Glencore on Friday said the site and equipment shutdowns, which would coincide with September school holidays, were necessary in order to wind back output volumes and manage the severe impact on demand. Workers would be required to take annual leave over this time, it said.
“Our focus is on taking the necessary steps to continue operations, manage the current market volatility and limit the impact on our workforce,” the company said on Friday.
“These measures will enable us to align our production levels with market demand, while providing the flexibility to ramp back up as economies recover.”…Full Story