Glencore is cutting Australian coal exports by 15 million tonnes

A coal mound. Photo: Luke Sharrett/Getty Images

Australia’s largest coal miner Glencore is cutting exports by 15 million tonnes this year as demand falls.

This follows a Christmas coal mine shut down to curb supply at a time when thermal coal prices have fallen by almost half.

The Swiss mining giant says there will also be underground roster changes, the scaling back of some open pit mining and revisions to the product portfolio.

“We will defer some projects and ensure that inventory management and blending are optimised,”the company said in a statement.

Earlier this week BHP Billiton shipped the largest single haul of iron ore – 263,989 tonnes – from Port Hedland in Western Australia.

However, the price of iron ore has fallen by around half in the last 12 months.

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