02 Nov Glencore to reopen second Australian coal mine amid surging prices
Glencore (LSX:GLEN) is to reopen a coal mine in Southeastern Australia as a resurgence in prices for the commodity restores profitability in the sector.
The announcement to restart operations at the Integra mine comes just days after the miner and commodities trader resumed operations at its Collinsville mine in Queensland, Australia.
Glencore acquired Integra, formally known as Glennies Creek, in 2015 after from Vale after the Brazilian mining giant had mothballed the project. It plans to restart the mine early next year.
“The Integra underground mine has been on care and maintenance since July 2014 and Glencore has continued to assess options for a restart against global coal market conditions,” the company said.
The mine is expected to yield 1.3 million tonnes of coal in 2017, according to Glencore.