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Glencore to close Australian West Wallsend coal mine in 2016

Reuters - UK Focus

* Mine had been slated to close in 2016-2017

* Development work to end in June this year (Adds mine closure plan, output)

MELBOURNE, March 26 (Reuters) - Glencore Plc (Xetra: A1JAGV - news) has decided to close its West Wallsend underground coal mine in Australia in 2016, several months earlier than planned, saying poor coal prices meant it would not make sense to extend the life of the mine.

"Consideration had been given to a number of options to extend the mine's life but a combination of factors, especially coal market and economic conditions, do not support continued operations," the company said in an emailed statement.

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Many thermal coal mines in Australia are operating in the red, with Newcastle coal prices having slumped to six-year lows.

The West Wallsend 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, a spokesman said.

Development work will end in June this year, with all mining now set to end in mid-2016. (Reporting by Sonali Paul; Editing by Richard Pullin and Tom Hogue)