Glencore scales back exports

GLENCORE said today it planned to cut coal exports from its Australian mines by about 15 per cent in 2015 to ensure the mines remain profitable as coal prices languish near five-and-a-half-year lows.

The world's biggest exporter of coal for power stations said it would cut exports by 15m tonnes.

It will carry out the reductions by scaling back some open pit mining, revising its product mix and deferring some mine projects.

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