IGO to record impairment against nickel assets in strategy shift
IGO has been undertaking a strategic review in an attempt to revaluate its resources.
Global trader Glencore said on Wednesday that production at two of its Australian coal operations has been affected by heavy rain that has caused flooding in northern parts of Queensland state.
“We have experienced short-term production impacts from heavy rain at our two most northerly coal sites, Collinsville and Newlands,” a Glencore spokesman said in a statement to Reuters.
It gave no further details.
Combined, the mines produced around 8 million tonnes of thermal and coking coal in 2017.
Major flooding has caused parts of Queensland to be declared disaster zones, resulting in two casualties and more than 1,100 evacuations, after authorities opened up dam gates following days of torrential rains that filled reservoirs to overflowing.
Glencore, which is also a major producer of copper and zinc in Australia, said “controlled operations” were continuing at its Queensland copper and zinc businesses in Townsville, Mount Isa and Cloncurry.
(By Melanie Burton; Editing by Richard Pullin)
