Column: Electric dreams turn into a nightmare for battery metals
A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
West Wallsend underground coal mine in Australia’s New South Wales.
Mining and commodities giant Glencore (LON:GLEN) will add one more coal mine to its growing list of closures by shutting its West Wallsend underground operation in Australia’s New South Wales early next year due to tough market conditions.
“We appreciate the impact this will have on our employees and their families, as well as the local communities and businesses supported by West Wallsend’s annual spend of almost $200 million across the area,” it said in a statement published by The Australian.
The company shut its mines for three weeks over the Christmas period and recently announced it would curb coal production in Australia by about 15%, cutting more than US$1 billion of coal output and about 120 jobs.
The mine, co-owned by Japan’s Marubeni Corp and JFE Minerals, produced 2.6 million tonnes of mostly thermal coal last year, and had been slated to close in late 2016 or 2017.
