Business
Glencore takes axe to coal targets but says Australia will be spared – Sydney Morning Herald
One of the world’s biggest coal miners, Glencore, has forecast its global output will fall by more than 25 per cent but its Australian mines will be among the last…
While the miner hinted at a big cut in future coal production in the coming years, the scale of the reduction has only become evident in its latest investor update.
While Glencore had flagged a steep drop in this year’s output from 2019’s levels of about 140 million tonnes to about 110 million tonnes, the miner now says such a production scale will now be the likely total for each year out to 2023 and beyond.
The slashed estimate amounts to 20-30 million tonnes a year “compared to our last longer-term…
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