Optimum Coal considers closures

GLENCORE’S South African coal unit, Optimum Coal Mines might close some of its mines in the African nation after export prices fell, it said yesterday. Optimum said in a statement that the closures would reduce its overall production by at least 5 million tons a year and that 1 070 employees might lose their jobs. The slump in coal prices has been driven by slower demand due to a milder-than-usual winter in the northern hemisphere, as well as a deluge of cargoes from the US. – Reuters