Glencore will be shutting down coal operations in Australia for three weeks over Christmas.
The move was announced this morning as a “considered management decision given the current oversupply situation”.
Glencore said this will reduce the need to push incremental sales in the weak commodity price environment.
“We remain confident in demand growth for our products and believe that the supply and demand balance will be restored in the medium term,” Glencore said.
The Christmas shutdowns will reduce Glencore’s Australian coal output by 5Mt.
One commenter on the Australian Mining Facebook Page said this morning: “Forced to take my annual leave because all these shiny arses decided to flood the market and now can't sell their coal cheers fu?$ers.”
Further comments on Facebook indicate that many workers were previously unaware of this announcement.
Australian Mining has contacted Glencore for further comment.