Glencore's South Africa unit considers shutting coal mines
JOHANNESBURG, Jan 28 (Reuters) - Glencore (Xetra: A1JAGV - news) 's South African coal unit, Optimum Coal Mines said on Wednesday it may close some of its mines in the African nation after export prices fell.
Optimum said in a statement the closures would reduce its overall production by at least 5 million tonnes per annum and that 1,070 employees may lose their jobs.
The slump in coal prices has been driven by slower demand due to a milder-than-usual winter in the Northern Hemisphere as well as a deluge of cargoes from the United States. (Reporting by Zandi Shabalala; Editing by James Macharia)