Anglo American PLC may need to shut more coal mines in Australia if prices continue to fall, the head of its Anglo Coal Australia unit said on Tuesday, though the group thinks prices have now stabilised.
"Spot thermal coal prices have already come off significantly from their peak last year. We believe prices have stabilised at current levels," Seamus French, Chief Executive Officer of Anglo Coal Australia, told Reuters in an interview.
French said the firm was assessing the profitability of each of its mines every month and would not rule out closing more mines should coal prices head further south.
Earlier in March, Anglo said it was cutting more than 10 percent of its workforce at its coal mines in Australia and had mothballed its Aquila and Dawson North coking coal mines amid a sharp global slowdown in steel-making.
Anglo Coal hopes to double its annual production of coking and thermal coal in Australia to 56 million tonnes over the next 10 years, French said.
Source: Reuters
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