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The Financial Times reported that Glencore plc (LSE:GLEN) is mulling the closure of its coal operations in South Africa, a move that will cut down its overall production by at least 5 million saleable tonnes per year.
As quoted in the market news:
The group said it had conducted a detailed review of its Optimum Coal Mines subsidiary, because of ‘difficult market conditions and the continued deterioration in the export coal price’, reports the FT’s Andrew England in Johannesburg.
It added that it had already informed South Africa’s Department of Mineral Resources and unions about the potential closures.