September 23, 2017

Glencore to retrench for its coal mines to stay afloat

By AMB Online Reporter

If some mining companies had been in denial that coal mining was in its worst state in recent memory, they should not go further to search for evidence than the afflictions that Glencore, the mining and commodities giant, is facing.

A fortnight ago African Mining Brief Online reported that Glencore, which is the world’s leading producer of thermal coal, had resorted to asset streaming to reduce its $30bn debt burden. Now, to complement the current austerity measures, Glencore will be shedding staff at some of its operations globally in phases up to the first quarter of 2016, mining.com reports, an online mining new portal.

Swiss domiciled Glencore has announced that it will be cutting 80% of its remaining staff at Collinville mine which is in north Queensland, Australia as a result of falling coal prices.

Just to demonstrate how far-reaching the impact of the global commodities price slump is on all minerals, Glencore has been forced to close its copper mines in Zambia and the Democratic Republic of Congo.

Related posts

Leave a Reply

Your email address will not be published. Required fields are marked *

Time limit is exhausted. Please reload the CAPTCHA.