FORECAST: GPC boss believes the price of coal won't keep rising.
FORECAST: GPC boss believes the price of coal won't keep rising. Lee Constable

Glencore to scale back on Qld mines

GLENCORE coal mines in central Queensland are expected to be scaled back this year as the company moves to reduce its production by 15 million tonnes.

The company announced its planned reduction last week, saying it wanted to align its output with current customer demand.

Glencore owns mines at Collinsville, Newlands, Oaky Creek, Rolleston and Clermont and it is expected the company's planned scaling back of mining activities will spread through all of these mines, including halting mining in some pits throughout the year.

But at this stage it is understood no mines will close.

The company also hopes to reduce a seven-day roster down to five days, but it is understood this would not impact on many Queensland mines.

Up to 120 jobs could be cut under the company's plan to reduce tonnages, but most of these cuts are likely occur in NSW.

In a statement Glencore said some of its changes would also include 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 we will defer some projects and ensure that inventory management and blending are optimised," the statement said.

"We will continue to review all our coal operations in the prevailing economic climate."

The company would not provide any further detail on its changes, or confirm how much money it was expecting to lose with the reduction of coal.

- APN NEWSDESK


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