Swiss trading and mining company Glencore plans to close three Australian coal mines in New South Wales and one in Queensland by 2023. At the same time, the company lowers its forecast for coal production for this year to 112 million tons from about 140 million tons earlier.
The overall reduction in coal mining capacity in Australia is 17.7 million tons per year. The plant closures are part of Glencore's long-term plan to reduce global coal production by 40% by 2035 to approximately 84 million tonnes per year.
The drop in Australian coal exports due to the closure of these mines will be partially offset by a 5Mtpa joint venture between Glencore Wambo United and US producer Peabody, which is due to start production this quarter.
