wie schon geschrieben bleibt Glencore gar nichts anderes übrig als verschiedene Minen vorläufig stillzulegen. Sonst stürzt ihr Kurs wieder ab. Wobei der 70% Rebound bis jetzt ist ja sensationell innert 10 Tagen.
Und vorübergehende Stilllegungen von Kupferminen wird in den nächsten Tagen folgen.
Was ja sehr gut für Tiger sein sollte... wenn der Kupferkurs entsprechend steigen wird.
Glencore warns it won't carry unprofitable coal mines
By business reporter Michael Janda
Posted about 11 hours ago
The Mangoola coal mine, in the NSW Hunter Valley.
Photo: Glencore operates several coal mines employing over 3,800 people in the Hunter Valley.
Map: Australia
Embattled global mining and commodities giant Glencore has reiterated its commitment to Hunter Valley coal, but also warned that further cost cutting is inevitable and mine closures possible.
Speaking to a Hunter Business Chamber function, Glencore's head of global coal assets Peter Freyberg said the region remains at the heart of the organisation.
"The Hunter Valley region represents the single biggest part of our global coal portfolio employing over 3,800 people," he told the audience.
"We are the biggest coal producer here and last year managed the production of nearly 56 million tonnes, the vast majority of which were exported from this city."
However, Mr Freyberg also hinted that a decision earlier this year to cut Australian coal exports by 15 million tonnes may not be the last reduction.
"Glencore will not push incremental volumes into markets that don't need them," he said.
"Further, we won't and can't operate mines that don't make a financial contribution."
Glencore's share price has more than halved this year - including a 29 per cent one-day fall last week, before a similarly spectacular rebound - and there have been questions raised about the company's future given its large debts.
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In order to boost the profitability of its existing mines, Mr Freyberg said Glencore has "significantly reduced costs and increased efficiencies".
However, the coal boss warned the coal dependent Hunter region to brace for more pain.
"I've asked my managers to challenge every input cost into the business. This does and will impact suppliers," he said.
"We do support local businesses, but only on the basis they are efficient and can compete in terms of cost and quality. Just like our mines, you can't rely on the boom times alone – you have to be robust through the cycle."
Mr Freyberg does see the current slump in thermal coal prices - down by around 60 per cent over the past few years - as cyclical, not a structural decline.
With the latest global summit on climate change coming up before the end of this year, Glencore's coal boss is pinning his hopes on more efficient coal burning power stations and its continued relative cheapness as an energy source to boost demand.
"Our long-term thermal supply and demand outlook has never relied on ongoing Chinese import growth," he said.
"We see strong demand and thermal power station build going forward – in Korea, Taiwan, Vietnam, India, Japan and other countries."
Mr Freyberg pinned coal's future to its role in providing cheap base load power, particularly in developing nations.
"Access to affordable energy will be key to social and economic development," he argued.
"Coal still remains the most abundant, most economic and the most reliable means of delivering the energy required to increase living standards in many developing economies."
While arguing that coal demand would remain robust, Mr Freyberg argued against government support for rival new coal projects in Australia.
"Bringing on additional tonnes with the aid of taxpayer money would materially increase the risk to existing coal operations," he cautioned.
"We are strong believers that if a project can't get away on its own economic merits, it shouldn't be developed."
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