International commodities producer and trader
Glencore has announced that, following the company's
Australia-wide coal
production shutdown, it plans to reduce
production in 2015 by 15 million mt to more closely align its coal output with current customer demand.
The company said that
production measures will occur at a number of sites, including the scaling back of some open pit mining activities and revisions to the product portfolio with the objective of tailoring both volumes and qualities to better match current market demand. In addition to the direct operational changes,
Glencore will defer some projects and ensure that inventory management is optimized.
In November last year,
Glencore said that it would shut down its Australian coal operations for three weeks commencing mid-December, given the current oversupply situation.